U.S. Undervalued over 20% based on DCF

FFW

Market Cap: US$53.2m

Operates as the bank holding company for Crossroads Bank that provides various banking products and services.

Ballston Spa Bancorp

Market Cap: US$52.7m

Operates as a holding company for Ballston Spa National Bank that provides a range of banking, financing, fiduciary, brokerage, and other financial services to corporate, municipal, and individual customers in the United States.

Golden Valley Bancshares

Market Cap: US$52.7m

Operates as a bank holding company for Golden Valley Bank that provides various commercial banking products and services to small to middle-market businesses, professionals, and not-for-profit organizations.

Lifestore Financial Group

Market Cap: US$52.1m

LifeStore Financial Group, Inc. operates as a federally chartered thrift holding company for LifeStore Bank that provides banking, investment, and insurance services in North Carolina.

Citizens Holding

Market Cap: US$52.0m

Operates as the bank holding company for The Citizens Bank of Philadelphia that provides various banking products and services.

Citizens National

Market Cap: US$51.8m

Operates as the bank holding company for Citizens Bank of Kentucky that provides various banking products and services in Eastern Kentucky, the United States.

Oconee Financial

Market Cap: US$50.4m

Operates as the bank holding company for Oconee State Bank that provides a range of commercial and consumer banking products and services to consumers, businesses, and communities.

Cumberland Pharmaceuticals

Market Cap: US$46.5m

A specialty pharmaceutical company, focuses on the acquisition, development, and commercialization of prescription products.

Touchmark Bancshares

Market Cap: US$43.2m

Operates as the bank holding company for Touchmark National Bank that provides various banking products and services to individuals and businesses in Georgia.

Infinity Bancorp

Market Cap: US$42.8m

Operates as the bank holding company for Infinity Bank that provides various banking products and services for individuals and businesses in Southern California.

Community Bancorp of Santa Maria

Market Cap: US$42.4m

Operates as the bank holding company for Community Bank of Santa Maria that provides various banking products and services for businesses and individuals.

AsiaFIN Holdings

Market Cap: US$41.8m

An investment holding company, primarily engages in the provision of market research studies and consultancy services to the payment solution industry in ASEAN countries, and internationally.

Woodlands Financial Services

Market Cap: US$40.4m

Operates as the financial services holding company for Woodlands Bank and Woodlands Stock Corporation that provides commercial and consumer banking, and trust services in Lycoming and Clinton counties in Pennsylvania.

Nortech Systems

Market Cap: US$39.7m

Provides engineering design and manufacturing solutions for electromedical devices, electromechanical systems, assemblies, and components in the United States, Mexico, and China.

Community Capital Bancshares

Market Cap: US$38.9m

Operates as the holding company for AB&T that provides various banking products and services to individual and corporate customers.

DynaResource

Market Cap: US$38.4m

Engages in the investment, exploration, and management of precious metal assets in Mexico.

High Country Bancorp

Market Cap: US$36.2m

A bank holding company, provides various banking products and services.

Culp

Market Cap: US$35.1m

Manufactures, sources, and sells fabrics and mattress covers, sewn covers, and cut and sewn kits for use in mattresses, foundations, and other bedding products in the United States, North America, the Far East, Asia, and internationally.

Earth Science Tech

Market Cap: US$35.0m

Together with its subsidies, focuses on health and wellness industry.

Hocking Valley Bancshares

Market Cap: US$34.8m

Operates as the bank holding company for The Hocking Valley Bank that provides personal and commercial banking products and services for individuals, families, and small businesses in Ohio.

Strategic Student & Senior Housing Trust

Market Cap: US$34.4m

Strategic Student and Senior Housing Trust, Inc.

Enterprise Financial Services Group

Market Cap: US$32.4m

Through its wholly owned subsidiary, Enterprise Bank, provides various banking products and services in the United States.

Huron Valley Bancorp

Market Cap: US$31.7m

Operates as the bank holding company for Huron Valley State Bank that provides various banking products and services to individuals and businesses in Michigan.

Grande Group

Market Cap: US$31.6m

Through its subsidiaries, provides corporate finance advisory services in Hong Kong, the People’s Republic of China, and Singapore.

JSB Financial

Market Cap: US$31.2m

Operates as the bank holding company for Jefferson Security Bank that provides various banking products and services.

Farmers Bank of Appomattox

Market Cap: US$30.6m

Together with its subsidiary Farmers Bank Financial Services, Inc., provides various personal and business banking products and services.

AMB Financial

Market Cap: US$29.9m

Operates as the bank holding company for American Community Bank of Indiana that provides financial services to customers in Indiana.

CLPS Incorporation

Market Cap: US$29.8m

Through its subsidiaries, provides information technology services and solutions in Mainland China, Singapore, Hong Kong, the United States, Japan, India, and internationally.

BayFirst Financial

Market Cap: US$28.0m

Operates as the bank holding company for BayFirst National Bank that provides community banking services for small and medium sized businesses and individuals.

Medalist Diversified

Market Cap: US$20.6m

A REIT beginning with the taxable year ended December 31, 2017, the REIT has elected to be taxed as a real estate investment trust for federal income tax purposes.

United Tennessee Bankshares

Market Cap: US$18.4m

Operates as the holding company for Newport Federal Bank that provides various financial services to individuals and corporate customers.

Reliability

Market Cap: US$18.0m

Through its subsidiary, The Maslow Media Group, Inc., provides workforce solutions in the United States and internationally.

Nocopi Technologies

Market Cap: US$16.7m

Develops and markets specialty reactive inks for applications in the educational and toy products, and document and product authentication industries in North America, South America, Europe, Asia, and Australia.

Crazy Woman Creek Bancorp

Market Cap: US$16.0m

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.

Electro-Sensors

Market Cap: US$15.6m

Manufactures and sells industrial production monitoring and process control systems.

CL Workshop Group

Market Cap: US$15.2m

An integrated forestry company, engages in management and harvesting, and down-stream wood-processing and distribution activities.