| 1 | United Paper Public Company Limited (UTP.BK) | 7/10 | 8.6x |
| 2 | Europap Tezol Kagit Sanayi ve Ticaret A.S. (TEZOL.IS) | 7/10 | 4.2x |
| 3 | Dong Hai Joint Stock Company of Ben Tre (DHC.VN) | 7/10 | 13.8x |
| 4 | Hangzhou Huawang New Material Technology Co.,Ltd. (605377.SS) | 7/10 | 9.0x |
| 5 | Yibin Paper Industry Co., Ltd. (600793.SS) | 7/10 | 8.0x |
| 6 | Cre8 Direct (NingBo) Co., Ltd. (300703.SZ) | 7/10 | 47.5x |
| 7 | Baolong International Co., Ltd. (1906.TW) | 7/10 | 3.1x |
| 8 | MCC Meili Cloud Computing Industry Investment Co., Ltd (000815.SZ) | 7/10 | 53.4x |
| 9 | Sahathai Printing & Packaging Public Company Limited (STP.BK) | 6/10 | 10.6x |
| 10 | Shree Ajit Pulp and Paper Limited (SAPPL.NS) | 6/10 | 4.2x |
| 11 | Genus Paper & Boards Limited (GENUSPAPER.NS) | 6/10 | n.d. |
| 12 | Emami Paper Mills Limited (EMAMIPAP.NS) | 6/10 | 4.6x |
| 13 | PT Alkindo Naratama Tbk (ALDO.JK) | 6/10 | n.d. |
| 14 | Shenglong Splendecor International Limited (8481.HK) | 6/10 | n.d. |
| 15 | Ozu Corporation (7487.T) | 6/10 | 17.6x |
| 16 | Anhui Linping Circular Development Co., Ltd. (603284.SS) | 6/10 | n.d. |
| 17 | Zhejiang Zhongxin Environmental Protection Technology Group Co., Ltd. (603091.SS) | 6/10 | n.d. |
| 18 | Hansol Holdings Co., Ltd. (004150.KS) | 6/10 | 3.3x |
| 19 | Shandong Sunpaper Co., Ltd. (002078.SZ) | 6/10 | n.d. |
| 20 | Zhejiang Kan Specialities Material Co., Ltd. (002012.SZ) | 6/10 | 104.0x |
| 21 | Vien Dong Investment Development Trading Corporation (VID.VN) | 5/9 | n.d. |
| 22 | HHP Global joint stock company (HHP.VN) | 5/9 | n.d. |
| 23 | Hapaco Group Joint Stock Company (HAP.VN) | 5/9 | n.d. |
| 24 | UPM-Kymmene Oyj (UPM.HE) | 5/10 | 12.8x |
| 25 | PT Suparma Tbk (SPMA.JK) | 5/10 | 1.7x |
| 26 | Semapa - Sociedade de Investimento e Gestão, SGPS, S.A. (SEM.LS) | 5/10 | 5.7x |
| 27 | Ruchira Papers Limited (RUCHIRA.NS) | 5/10 | n.d. |
| 28 | Pudumjee Paper Products Limited (PDMJEPAPER.NS) | 5/10 | 116.2x |
| 29 | N R Agarwal Industries Limited (NRAIL.NS) | 5/10 | n.d. |
| 30 | Miquel y Costas & Miquel, S.A. (MCM.MC) | 5/10 | 43.0x |
| 31 | Holmen AB (publ) (HOLM-B.ST) | 5/10 | 28.8x |
| 32 | Kpp Group Holdings Co., Ltd. (9274.T) | 5/10 | 4.4x |
| 33 | Japan Pulp and Paper Company Limited (8032.T) | 5/10 | 8.0x |
| 34 | GuangDong SongYang Recycle Resources CO.,LTD (603863.SS) | 5/10 | n.d. |
| 35 | Xianhe Co.,Ltd. (603733.SS) | 5/10 | n.d. |
| 36 | Zhejiang Great Shengda Packaging Co.,Ltd. (603687.SS) | 5/10 | 34.8x |
| 37 | Shandong Bohui Paper Industry Co.,Ltd. (600966.SS) | 5/10 | 3.9x |
| 38 | Mudanjiang Hengfeng Paper Co.,Ltd (600356.SS) | 5/10 | 27.4x |
| 39 | Daio Paper Corporation (3880.T) | 5/10 | 4.6x |
| 40 | Hokuetsu Corporation (3865.T) | 5/10 | n.d. |
| 41 | Ichikawa Co., Ltd. (3513.T) | 5/10 | 54.7x |
| 42 | Nine Dragons Paper (Holdings) Limited (2689.HK) | 5/10 | n.d. |
| 43 | Lee & Man Paper Manufacturing Limited (2314.HK) | 5/10 | 9.9x |
| 44 | Saudi Paper Manufacturing Company (2300.SR) | 5/10 | n.d. |
| 45 | Vanov Holdings Company Limited (2260.HK) | 5/10 | n.d. |
| 46 | Cheng Loong Corporation (1904.TW) | 5/10 | n.d. |
| 47 | Come Sure Group (Holdings) Limited (0794.HK) | 5/10 | 3.7x |
| 48 | Zhejiang Jingxing Paper Joint Stock Co., Ltd. (002067.SZ) | 5/10 | n.d. |
| 49 | PT Inter Delta Tbk (INTD.JK) | 4/9 | n.d. |
| 50 | PT Toba Pulp Lestari Tbk (INRU.JK) | 4/9 | n.d. |
| 51 | PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM.JK) | 4/10 | 69.7x |
| 52 | Star Paper Mills Limited (STARPAPER.NS) | 4/10 | 12.8x |
| 53 | Sylvamo Corp (SLVM) | 4/10 | n.d. |
| 54 | Shreyans Industries Limited (SHREYANIND.NS) | 4/10 | n.d. |
| 55 | Seshasayee Paper and Boards Limited (SESHAPAPER.NS) | 4/10 | 36.2x |
| 56 | Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-B.ST) | 4/10 | 72.9x |
| 57 | Sappi Limited (SAP.JO) | 4/10 | n.d. |
| 58 | Orient Paper & Industries Limited (ORIENTPPR.NS) | 4/10 | n.d. |
| 59 | The Navigator Company, S.A. (NVG.LS) | 4/10 | 21.8x |
| 60 | Neodecortech S.p.A. (NDT.MI) | 4/10 | 11.0x |