Japanese Strong Past Earnings Growth, P/E Ratio Below 20

ITOCHU

Market Cap: JP¥12.1t

Trades and imports/exports various products worldwide.

DENSO

Market Cap: JP¥5.9t

Engages in the manufacture and sale of automotive parts in Japan, rest of Asia, North America, Europe, and internationally.

Suzuki Motor

Market Cap: JP¥4.0t

Engages in the manufacture and sale of automobiles, motorcycles, outboard motors, electric wheelchairs, and other products in Japan and internationally.

Nidec

Market Cap: JP¥3.1t

Develops, manufactures, and sells motors, electronics and optical components, and other related products in Japan and internationally.

Tokyo GasLtd

Market Cap: JP¥2.0t

Engages in the production, supply, and sale of city gas and LNG in Japan.

Osaka Gas

Market Cap: JP¥1.7t

Provides gas, electricity, and other energy products and services in Japan and internationally.

Obayashi

Market Cap: JP¥1.7t

Engages in the construction business in Japan, North America, Asia and internationally.

Mitsui O.S.K. Lines

Market Cap: JP¥1.7t

Engages in the marine transportation business worldwide.

Lasertec

Market Cap: JP¥1.5t

Engages in the designing, manufacturing, and sale of inspection and measurement equipment in Japan and internationally.

Fuji Electric

Market Cap: JP¥1.5t

Develops power semiconductors and electronics solutions in Japan and internationally.

Japan Airlines

Market Cap: JP¥1.4t

Provides scheduled and non-scheduled air transport services in Japan, Asia, Oceania, the Americas, and internationally.

SCREEN Holdings

Market Cap: JP¥1.2t

Develops, manufactures, sells, and maintains semiconductor production equipment in Japan.

Otsuka

Market Cap: JP¥1.2t

Operates as an information technology (IT) platformer in Japan.

Yokogawa Electric

Market Cap: JP¥1.1t

Provides industrial automation, and test and measurement solutions in Japan, Southeast Asia, Far East, China, India, Europe, North America, the Middle East, Africa, and Central and South America.

Sanwa Holdings

Market Cap: JP¥960.7b

Through its subsidiaries, manufactures and sells construction materials for commercial and residential buildings in Japan, North America, Europe, and Asia.

Azbil

Market Cap: JP¥749.0b

Provides automation products and services worldwide.

Nissan Chemical

Market Cap: JP¥745.3b

Engages in the chemicals, performance materials, agricultural chemicals, and pharmaceuticals businesses in Japan and internationally.

Kobe Steel

Market Cap: JP¥733.4b

Engages in the materials, machinery, and power businesses internationally.

Iida Group Holdings

Market Cap: JP¥668.0b

Engages in the purchase, planning, design, construction, sale, and after-sales service of detached houses and house condominiums in Japan.

Kyushu Railway

Market Cap: JP¥641.8b

Engages in operating a network of railway lines in Japan.

Koito Manufacturing

Market Cap: JP¥624.9b

Manufactures and markets automotive lighting equipment, aircraft parts, electrical equipment, and other products in Japan.

Mitsubishi Gas Chemical Company

Market Cap: JP¥553.5b

Manufactures and sells basic and fine chemicals, and functional materials in Japan.

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.

EXEO Group

Market Cap: JP¥456.8b

Engages in telecommunications, civil engineering, construction, electric equipment, system solutions, and renewable energy business in Japan.

Japan Airport Terminal

Market Cap: JP¥441.5b

Primarily engages in the management of passenger terminal buildings in Japan.

Sankyu

Market Cap: JP¥431.9b

Provides logistics services in Japan and internationally.

Toho Gas

Market Cap: JP¥416.8b

Engages in the gas, LPG and other energy, electric power, and other businesses in Japan and internationally.

Resorttrust

Market Cap: JP¥378.7b

Engages in the hotel and restaurant business.

Tokyo Seimitsu

Market Cap: JP¥365.1b

Manufactures and sells semiconductor production equipment (SPE) and measuring instruments in Japan.

Miura

Market Cap: JP¥347.3b

Produces and sells boilers in Japan and internationally.

Toda

Market Cap: JP¥315.4b

Primarily engages in the building construction and civil engineering businesses in Japan and internationally.

Amano

Market Cap: JP¥304.8b

Provides time information, parking, environmental, and cleaning systems in Japan and internationally.

Hisamitsu Pharmaceutical

Market Cap: JP¥301.4b

Manufactures and sells pharmaceuticals in Japan.

Meidensha

Market Cap: JP¥274.9b

Engages in the power infrastructure; public, industrial, and commercial sector; mobility and electrical components; field service engineering; and real estate businesses in Japan and internationally.

Seiko Group

Market Cap: JP¥272.2b

Engages in watches, devices solutions, systems solutions, apparels, clocks, fashion accessories, system clocks and other businesses in Japan and internationally.

Hanwa

Market Cap: JP¥259.0b

Trades in steel, metals and alloys, nonferrous metals, food products, petroleum and chemicals, lumber, machinery, and other products in Japan and internationally.