Global Software Undervalued over 20% based on DCF

Dmall

Market Cap: HK$4.0b

Provides retail digitalization solutions in China, Hong Kong, Cambodia, Singapore, Malaysia, Poland, Macau, Indonesia, the Philippines, Brunei, Australia, and internationally.

Mitsubishi Research Institute

Market Cap: JP¥79.0b

Provides research, consulting, and ICT solutions to the public and private sectors in Japan.

Beijing VRV Software

Market Cap: CN¥3.3b

Provides network and information security solutions in China.

Hansen Technologies

Market Cap: AU$664.3m

Engages in the development, implementation, and support of billing and customer information systems.

Computer Engineering & Consulting

Market Cap: JP¥74.7b

Operates as an independent system integrator in Japan.

Trade-Van Information Services

Market Cap: NT$14.0b

Provides electronic data exchange services and related services in Taiwan.

i3 Verticals

Market Cap: US$439.1m

Provides enterprise software and services solutions to public sector entities in the United States and Canada.

Sinergi Inti Andalan Prima

Market Cap: Rp7.4t

Engages in the provision of internet services in Indonesia.

F-Secure Oyj

Market Cap: €352.9m

Operates as a cybersecurity company in Finland and internationally.

Fukui Computer HoldingsInc

Market Cap: JP¥65.2b

Develops and sells package CAD products for the construction industry in Japan.

Sky ICT

Market Cap: ฿13.3b

Engages in information and communication technology (ICT), and system integration businesses in Thailand.

I'LL

Market Cap: JP¥61.9b

Operates as a system solution business in Japan.

SRA Holdings

Market Cap: JP¥61.3b

Engages in the provision of IT consulting, system construction, operation services, products, and solutions in Japan and internationally.

Materialise

Market Cap: US$385.1m

Provides additive manufacturing and medical software tools, and 3D printing services in the Americas, Europe, Africa, and the Asia-Pacific.

Beijing Transtrue Technology

Market Cap: CN¥2.6b

Provides multimedia information systems, production monitoring and command systems, data center system construction and services, and new energy charging pile business in China.

Stockholm Nordtech Group

Market Cap: SEK 3.6b

A private equity firm specializing in growth capital.

Alpha Data PJSC

Market Cap: د.إ1.4b

Offers system integration services.

All for One Group

Market Cap: €314.9m

Engages in the SAP transformations and cloud business in Germany, Austria, Switzerland, Poland, Luxembourg, and internationally.

Allot

Market Cap: US$365.9m

Develops, sells, and markets network intelligence and security solutions in Israel, Europe, Asia, Oceania, the Americas, the Middle East, and Africa.

Text

Market Cap: zł1.3b

Develops and distributes online text communication software for businesses worldwide.

Nuix

Market Cap: AU$482.7m

Provides investigative analytics and intelligence software solutions in the Asia Pacific, the Americas, Europe, the Middle East, and Africa.

Sword Group

Market Cap: €295.8m

Provides IT and software solutions in Luxembourg, Europe, and Asia.

Trifork Group

Market Cap: DKK 2.1b

Provides information technology and other business services in Switzerland, Denmark, the United Kingdom, the Netherlands, the United States, and internationally.

Xunlei

Market Cap: US$326.4m

Operates an internet platform for digital media content in the People's Republic of China.

Infotel

Market Cap: €275.6m

Designs, develops, markets, and maintains software solutions in the areas of security, performance, and management in France, rest of Europe, and the United States.

Shoper

Market Cap: zł1.2b

Provides software as a service solution for e-commerce in Poland.

Michpal Technologies

Market Cap: ₪948.6m

Designs and develops payroll software that offers attendance system and pension operations.

AdvancedAdvT

Market Cap: UK£231.0m

Engages in the provision of software solutions and platforms in Europe, the United Kingdom, North America, and internationally.

Gloo Holdings

Market Cap: US$306.5m

Designs and develops a vertical technology platform for the faith and flourishing ecosystem.

8x8

Market Cap: US$290.3m

Provides contact center, voice, video, chat, and enterprise-class application programmable interface (API) solutions worldwide.

CHT Security

Market Cap: NT$9.1b

Provides telco-centric network security and cyber security services in Taiwan.

Netcall

Market Cap: UK£203.0m

Engages in the design, development, sale, and support of software products and services in the United Kingdom.

Hackett Group

Market Cap: US$275.6m

Operates as an intellectual property platform-based generative artificial intelligence strategic consulting and executive advisory digital transformation in the United States, Europe, and internationally.

Zhengyuan Zhihui GroupLtd

Market Cap: CN¥1.8b

Engages in the provision of solutions and service operators for smart campuses in China.

Youzan Technology

Market Cap: HK$2.0b

An investment holding company, provides online and offline e-commerce solutions in the People’s Republic of China, Japan, and Canada.

NSW

Market Cap: JP¥40.4b

Operates as an enterprise, services, embedded, and device solutions provider in Japan.