Global Retail Undervalued over 20% based on DCF

Wonder Pets Enterprises

Market Cap: NT$2.2b

Wonder Pets Enterprises Corporation, together with its subsidiaries, wholesales and retails pet food and supplies in Taiwan.

Brimag Digital Age

Market Cap: ₪196.2m

Imports, markets, and distributes home appliances and commercial air conditioning systems in Israel.

New World Department Store China

Market Cap: HK$455.3m

An investment holding company, owns and operates department stores and shopping malls in the People's Republic of China.

Tabio

Market Cap: JP¥8.6b

Plans, manufactures, wholesales, and retails socks.

Mr.Bricolage

Market Cap: €45.2m

Engages in retailing of renovation, home, and garden decoration products.

Copperwired

Market Cap: ฿1.6b

Together with its subsidiary, engages in the distribution and repairment of computers, mobile phones, and accessories in Thailand.

UNQ Holdings

Market Cap: HK$359.2m

Operates as a brand e-commerce retail and wholesale solutions provider in the People's Republic of China.

Zhen Yu Hardware

Market Cap: NT$1.5b

Engages in the wholesale and retail of hardware in China.

Acer Gaming

Market Cap: NT$1.3b

Engages in the sale of game consoles and peripheral products in Taiwan.

Imago Mulia Persada

Market Cap: Rp673.5b

Engages in the retail trade of furniture, equipment, and other home supplies in Indonesia.

Online Brands Nordic

Market Cap: SEK 318.7m

Engages in the online sale of carpets under Trendcarpet brand.

Logica Infoway

Market Cap: ₹2.9b

Distributes and retails smartphones, IT hardware, software, and allied accessories and services in India.

InNature Berhad

Market Cap: RM 112.9m

InNature Berhad, together with its subsidiaries, retails cosmetics and personal care products in Malaysia, Vietnam, Cambodia, Indonesia, and Singapore.

Knowledge Tower

Market Cap: ر.س93.6m

Engages in the sale and distribution of books, and office and educational tools in the Kingdom of Saudi Arabia.

Farmacosmo

Market Cap: €19.3m

Engages in the online retail business in Italy and the European Union.

Tye Soon

Market Cap: S$26.2m

Engages in the import, export, and distribution of automotive parts in Singapore, Malaysia, Australia, Thailand, Indonesia, Hong Kong/China, South Korea, and internationally.

BetterLife Holding

Market Cap: HK$151.3m

Provides automobile dealership services with a focus on luxury and ultra-luxury brands in the People’s Republic of China.

WIZ CORP

Market Cap: ₩26.0b

Engages in highway rest areas and gas stations, food and beverage sales, vehicle LPG refueling, and building rental and related services in Korea.

Yamano Holdings

Market Cap: JP¥2.9b

Engages in the retail business in Japan.

AUTO&

Market Cap: ₩22.3b

Engages in manufacturing and sale of automobile supplies and accessories in South Korea.

Yakkyo

Market Cap: €13.4m

Operates an e-commerce platform in Italy.

Mister International Enterprise

Market Cap: NT$487.9m

Designs, develops, retails, and wholesale of ready-made clothing, footwear, and related peripheral accessories in Taiwan.

Mi Ming Mart Holdings

Market Cap: HK$108.6m

An investment holding company, engages in the retail of multi-brand beauty and health products in Hong Kong.

Service Equipment

Market Cap: ر.س49.8m

Provides garage equipment for automotive businesses.

BTCS

Market Cap: zł49.0m

Engages in the bitcoin and blockchain infrastructure business in Poland.

Bikewo Green Tech

Market Cap: ₹1.2b

Engages in the retail of electric two wheelers in India.

Chic Republic

Market Cap: ฿408.0m

Engages in the distribution and installation of furniture, and house and garden decoration in Thailand.

Clover Pakistan

Market Cap: PK₨3.1b

Clover Pakistan Limited purchases, acquires, sells, stores, transports, markets, distributes, supplies, imports, exports, disposes, and trades in petroleum and petroleum products, oil, gas, hydrocarbons, petrochemicals, asphalt, and bituminous substances in Pakistan.

Kumulus Vape

Market Cap: €9.3m

An e-merchant, sells and distributes vaping products and related products in France.

Living HouseLtd

Market Cap: JP¥1.6b

Engages in the retail and wholesale of home furnishings in Japan.

Truong Long Engineering and Auto

Market Cap: ₫251.4b

Engages in the dealing and distribution of trucks and specialized vehicles under the Hino brand in Vietnam.

Tokyo Lifestyle

Market Cap: US$8.2m

Engages in the retail and wholesale of beauty, health, sundry, and other products in Japan, China, Hong Kong, the United States, Canada, Thailand, and the United Kingdom.

Silverwood Brands

Market Cap: UK£4.4m

Engages in the sale and distribution of beauty products in the United Kingdom, Asia, and Europe.

Boutique Newcity

Market Cap: ฿170.4m

Engages in trading and servicing garments and others in Thailand.

Atlas Nexus Group

Market Cap: Rp91.2b

Engages in the wholesale trading of household appliances and equipment in Indonesia.

Hanoi Beer Trading

Market Cap: ₫99.0b

Primarily engages in the distribution of beverage products in Vietnam.