Global Undervalued over 20% based on DCF

AP Rentals Holdings

Market Cap: HK$145.2m

An investment holding company, engages in the rental of construction, electrical and mechanical engineering, and event and entertainment equipment primarily in Hong Kong, Macau, Singapore, and the People's Republic of China.

Loqus Holdings

Market Cap: €15.9m

Provides fleet management, back-office processing, and ICT solutions in Malta, Europe, the Middle East, South Africa, and Australasia.

WIZ CORP

Market Cap: ₩28.5b

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

Okura Holdings

Market Cap: HK$144.0m

An investment holding company, operates pachinko and pachislot halls in Japan.

Cool Link (Holdings)

Market Cap: HK$143.5m

An investment holding company, engages in the food and healthcare supplies business in Singapore, Hong Kong, Indonesia, Malaysia, the People’s Republic of China, and internationally.

Lavastone

Market Cap: MU₨864.3m

Acquires, develops, leases, and manages a portfolio of commercial and industrial properties in Mauritius and Rodrigues Island.

EMV Capital

Market Cap: UK£13.6m

A venture capital firm specializing in seed, growth capital, early and mid stage investments.

Union Plastic

Market Cap: ฿590.0m

Manufactures and sells thermoplastics primarily in Thailand.

XBS PRO-LOG

Market Cap: zł66.5m

Provides logistics and warehousing services in Poland.

Crazy Woman Creek Bancorp

Market Cap: US$18.0m

Operates as the holding company for Buffalo Federal Bank that provides a range of banking products and services to individuals, families, and businesses in North-Central Wyoming.

HB Estate Developers

Market Cap: ₹1.7b

Engages in owning and managing hotels and real estate properties in India.

MPP Jedinstvo a.d

Market Cap: дин1.8b

Engages in the construction, design, installation, equipment manufacturing, transportation, and recycling services in Serbia.

Formosa Ingredient Factory

Market Cap: Rp325.9b

Produces and sells beverage ingredients in Indonesia and internationally.

Green Monster

Market Cap: JP¥2.9b

Provides investment learning support services in Japan.

Orvis

Market Cap: JP¥2.9b

Engages in the manufacture and sale of packaging materials in Japan.

Fractal Industries

Market Cap: ₹1.7b

Engages in designing, sourcing, manufacturing, and selling garments.

Nihon IskLtd

Market Cap: JP¥2.8b

Nihon Isk Co.,Ltd. manufacture and sale of commercial and home fireproof safes in Japan.

VBARE Iberian Properties SOCIMI

Market Cap: €15.3m

A multi-family residential REIT company.

KYCOM Holdings

Market Cap: JP¥2.8b

KYCOM Holdings Co., Ltd., together with its subsidiaries, consults, plans, designs, develops, and maintains information systems in Japan.

Lighting and Equipment

Market Cap: ฿570.8m

Offers lighting products and solutions in Thailand and internationally.

Rahima Food

Market Cap: ৳2.1b

Engages in the production and marketing of coconut oil in Bangladesh.

Eurasia Travel

Market Cap: JP¥2.8b

Provides travel agency services in Japan and internationally.

AMS Osiguranje a.d

Market Cap: дин1.7b

Operates as an insurance company in Serbia.

Evince Textiles

Market Cap: ৳2.1b

Engages in manufacturing, dyeing, finishing, and selling of cotton woven and denim fabrics in Bangladesh and internationally.

BRANU

Market Cap: JP¥2.8b

Engages in the provision of IT solutions for small and medium-sized construction companies.

AUTO&

Market Cap: ₩26.3b

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

Queen South Textile Mills

Market Cap: ৳2.1b

Engages in the dyeing of yarn in Bangladesh.

2 Cheap Cars Group

Market Cap: NZ$28.7m

Engages in used automotive vehicle retail and vehicle finance businesses in New Zealand.

zig-zagInc

Market Cap: JP¥2.7b

A technology company, provides cross-border e-commerce platform services.

MetroGlobal

Market Cap: ₹1.6b

Engages in trading of chemicals, textiles, minerals and ores, metals, and precious metals in India, China, the United States, South Africa, and the Middle East.

Netum Group Oyj

Market Cap: €14.5m

Operates as an IT services company in Finland.

Innovative Food Holdings

Market Cap: US$16.6m

Distributes specialty food and food related products to restaurants, hotels, country clubs, national chain accounts, casinos, hospitals, and catering houses in the United States.

Brite-Tech Berhad

Market Cap: RM 66.8m

An investment holding company, provides integrated water purification and wastewater treatment solutions in Malaysia.

Altus Property Ventures

Market Cap: ₱1.0b

A real estate company, engages in the selling, acquiring, developing, building, constructing, leasing, and disposing, of real estate properties and property development for individuals and institutional clients in the Philippines.

Ubar Hotels & Resorts SAOG

Market Cap: ر.ع6.4m

Owns and operates hotels in the Sultanate of Oman.

PCCS Group Berhad

Market Cap: RM 66.2m

An investment holding company, primarily manufactures, markets, and sells apparel in Malaysia, Cambodia, Hong Kong, Singapore, and the People’s Republic of China.