Global Potentially Undervalued Small Caps

Elinoil Hellenic Petroleum

Market Cap: €54.3m

Engages in trading of liquid and solid fuels, and lubricants.

Nanjing Sinolife United

Market Cap: HK$167.5m

An investment holding company, engages in the manufacture and sale of nutritional supplements and health food products in the People’s Republic of China, Australia, New Zealand, Vietnam, and internationally.

Synapsoft

Market Cap: ₩46.8b

A software as a service company, develops, distributes, and sells digital document and document processing software in South Korea and internationally.

Mohite Industries

Market Cap: ₹456.3m

Engages in the textile and power generation businesses in India.

Progress Technologies Group

Market Cap: JP¥7.2b

Provides consulting, engineering, and digital integration services for manufacturing companies in Japan.

TBK

Market Cap: JP¥10.3b

Develops, produces, and sells brakes, oil pumps, and engine water pumps in Japan.

Kokusai

Market Cap: JP¥10.1b

Engages in the manufacture and sale of testers and measurement instruments for motors and rotating equipment, and automatic inspection equipment in Japan, the United States, South Korea, China, and internationally.

PPS International (Holdings)

Market Cap: HK$64.8m

An investment holding company, provides environmental and cleaning services in Hong Kong and the People’s Republic of China.

Cinevista

Market Cap: ₹867.3m

Produces and exhibits television programmes, ad commercials, and feature films in India and internationally.

B2B Software Technologies

Market Cap: ₹432.3m

Operates as a business solution implementation company in India.

Beardsell

Market Cap: ₹1.1b

Manufactures and supplies expanded polystyrene (EPS) products and prefabricated buildings for various industrial applications in India and internationally.

OPNET Technologies

Market Cap: NT$1.3b

Designs, manufactures, and markets telecommunication network access and optical transport equipment in Taiwan, Turkey, and internationally.

Sanlam Allianz Holdings (Kenya)

Market Cap: KSh1.2b

A non-banking financial institution, engages in underwriting life and non-life insurance risks in Kenya.

Well Graded Engineering

Market Cap: ฿438.0m

Operates as a construction contractor in Thailand.

Arigatou Services Company

Market Cap: JP¥3.2b

Manages reuse stores and fast food restaurants.

Ashnoor Textile Mills

Market Cap: ₹626.9m

Manufactures and sells terry towels in India, the United States, and internationally.

Shenzhen Neptunus Interlong Bio-technique

Market Cap: HK$164.4m

Engages in the research and development, manufacturing, and selling of medicines and medical devices in the People’s Republic of China.

Xinda Investment Holdings

Market Cap: HK$147.0m

Owns and operates solar power plants and public infrastructure construction business in the People’s Republic of China.

J&B International

Market Cap: NT$1.7b

Through its subsidiaries, engages in the research and development, production, and sale of functional fabrics in Taiwan, China, and internationally.

Tao Heung Holdings

Market Cap: HK$268.8m

An investment holding company, operates a chain of restaurants and bakeries in Hong Kong, and Chinese mainland.

CMH Vietnam Group JSC

Market Cap: ₫183.3b

Operates as a construction company in commercial, service, and construction business in Vietnam.

Viettronics Tan Binh

Market Cap: ₫144.2b

Produces and sells consumer electronic products in Vietnam.

Yee Hop Holdings

Market Cap: HK$448.1m

An investment holding company, provides engineering and construction services in Hong Kong, the People’s Republic of China, and the Philippines.

Cotana Group

Market Cap: ₫551.4b

Operates as a construction contractor and real estate investor in Vietnam.

Asia Standard International Group

Market Cap: HK$265.7m

An investment holding company, invests in, develops, and manages commercial, residential, retail, and hotel properties in Hong Kong, the People’s Republic of China, and Canada.

New Sparkle Roll International Group

Market Cap: HK$249.9m

An investment holding company, engages in the dealerships of luxury goods and automobiles in Hong Kong and Mainland China.

DaiwaLtd

Market Cap: JP¥1.5b

Operates departmental stores in Japan.

Techno Mathematical

Market Cap: JP¥731.2m

Develops software and hardware IPs in Japan.

Viet Phat Import Export Trading Investment

Market Cap: ₫257.3b

Engages in the processing and trading of mineral materials in Vietnam.

Shiva Mills

Market Cap: ₹536.8m

Engages in the manufacturing and marketing of cotton yarns in India.

Brookside Energy

Market Cap: AU$44.7m

Engages in the exploration, production, and appraisal of oil and gas projects in the United States.

China Shun Ke Long Holdings

Market Cap: HK$232.4m

An investment holding company, operates and manages supermarket chain stores in the People’s Republic of China.

But Son Cement Packing

Market Cap: ₫68.4b

Produces and sells bags in Vietnam and internationally.

N.C. Housing

Market Cap: ฿485.7m

Engages in the real estate development business in Thailand.

Media Research InstituteInc

Market Cap: JP¥2.3b

Plans, manages, and implements employment-related projects in Japan.

D. I. System

Market Cap: JP¥2.6b

Engages in the system integration, and educational services and security solutions businesses in Japan.