Japanese Healthy potentially undervalued

Santen Pharmaceutical

Market Cap: JP¥509.1b

Engages in the research and development, manufacturing, and marketing of pharmaceuticals and medical devices in Japan, China, Asia, Europe, the Middle East, Africa, and internationally.

NHK Spring

Market Cap: JP¥497.3b

Provides automobile, data communications, and industry and lifestyle products in Japan.

Asahi Kasei

Market Cap: JP¥1.6t

Engages in material, homes, healthcare businesses.

Rigaku Holdings

Market Cap: JP¥208.4b

Manufactures and sells scientific instruments focuses on x-ray technologies in Japan, Asia, the United States, Europe, the Middle East, and Africa.

Renesas Electronics

Market Cap: JP¥3.4t

Researches, develops, designs, manufactures, sells, and services semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

Kurashiru

Market Cap: JP¥64.3b

Plans, develops, manages, and operates multiple smartphone apps and web media.

Ono Pharmaceutical

Market Cap: JP¥821.9b

Produces, purchases, and sells pharmaceuticals and diagnostic reagents worldwide.

Invincible Investment

Market Cap: JP¥515.4b

INV was established in January 2002 in accordance with the Investment Trust and Investment Corporation Act (Act No.

Hitachi Construction Machinery

Market Cap: JP¥1.0t

Manufactures and sells construction machineries worldwide.

Tosoh

Market Cap: JP¥707.6b

Manufactures and sells basic chemicals, petrochemicals, specialty products, and fine chemicals worldwide.

Kao

Market Cap: JP¥2.9t

Develops and sells hygiene living care, health beauty care, life care, cosmetics, and chemical products.

Nippon Ceramic

Market Cap: JP¥76.7b

Develops, manufactures, and sells ceramic sensors, modules, and other products in Japan and internationally.

Daiwa Securities Group

Market Cap: JP¥1.7t

Operates in the financial and capital markets in Japan and internationally.

Sankyu

Market Cap: JP¥413.5b

Provides logistics services in Japan and internationally.

TBS HoldingsInc

Market Cap: JP¥830.7b

Engages in the broadcasting and real estate businesses primarily in Japan.

Sansan

Market Cap: JP¥230.1b

Engages in the planning, development, and selling of cloud-based solutions in Japan.

Kansai Paint

Market Cap: JP¥436.4b

Manufactures and sells paints and coatings in Japan, India, Asia, Africa, Europe, and internationally.

Elecom

Market Cap: JP¥141.6b

Engages in the development, manufacturing, and sale of personal computers and digital equipment related products in Japan and internationally.

JGC Holdings

Market Cap: JP¥364.6b

Provides engineering, procurement, and construction services.

Inpex

Market Cap: JP¥3.2t

Engages in the research, exploration, development, production, and sale of oil, natural gas, and other mineral resources in Japan and internationally.

Niterra

Market Cap: JP¥1.2t

Manufactures and sells spark plugs and related products for internal-combustion engines and technical ceramics in Japan and internationally.

Taisei

Market Cap: JP¥1.8t

Engages in the civil engineering, construction, and real estate development businesses in Japan.

NTN

Market Cap: JP¥182.0b

Engages in the manufacture and sale of bearings, drive shafts, and precision equipment and other products in Japan and internationally.

Plus Alpha ConsultingLtd

Market Cap: JP¥100.2b

Provides marketing solutions.

TamronLtd

Market Cap: JP¥176.0b

Manufactures and sells optical equipment in Japan, North America, Europe, and Asia.

Dai-ichi Life Holdings

Market Cap: JP¥4.1t

Through its subsidiaries, provides insurance products in Japan, the United States, and internationally.

Blue Zones HoldingsLtd

Market Cap: JP¥352.2b

Engages in the operation of supermarkets in Japan.

Rinnai

Market Cap: JP¥484.8b

Manufactures and sells thermal equipment in Japan, the United States, Australia, China, South Korea, and Indonesia.

Chiba Bank

Market Cap: JP¥1.1t

Provides banking products and services in Japan and internationally.

Nissha

Market Cap: JP¥67.6b

Engages in industrial materials, devices, medical technologies, information and communication, and pharmaceutical and cosmetics businesses in Japan and internationally.

MISUMI Group

Market Cap: JP¥641.7b

Engages in the factory automation (FA) and die component businesses in Japan, China, rest of Asia, the Americas, Europe, and internationally.

MINEBEA MITSUMI

Market Cap: JP¥1.2t

Manufactures and supplies machined components, electronic devices and components, automotive, and industrial machinery and home security business in Japan and internationally.

SKY Perfect JSAT Holdings

Market Cap: JP¥431.0b

Provides satellite-based multichannel pay TV and satellite communications services primarily in Asia.

Goldwin

Market Cap: JP¥345.1b

Researches, develops, manufactures, and sells apparel in Japan.

Toyoda Gosei

Market Cap: JP¥474.6b

Manufactures and sells automotive parts, optoelectronic products, and general industry products.

Fukuoka Financial Group

Market Cap: JP¥810.7b

Provides various banking services to individual and corporate customers.