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

ITOCHU

Market Cap: JP¥12.3t

Trades and imports/exports various products worldwide.

DENSO

Market Cap: JP¥6.2t

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

Suzuki Motor

Market Cap: JP¥4.4t

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

Nidec

Market Cap: JP¥2.8t

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

Tokyo GasLtd

Market Cap: JP¥1.8t

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

Obayashi

Market Cap: JP¥1.8t

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

Osaka Gas

Market Cap: JP¥1.7t

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

Fuji Electric

Market Cap: JP¥1.6t

Develops power semiconductors and electronics solutions in Japan and internationally.

Mitsui O.S.K. Lines

Market Cap: JP¥1.5t

Provides marine transportation and vessel chartering services in Japan, North America, Europe, Singapore, rest of Asia, and internationally.

Japan Airlines

Market Cap: JP¥1.3t

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

SCREEN Holdings

Market Cap: JP¥1.3t

Develops, manufactures, and markets semiconductor production equipment in Japan, Taiwan, South Korea, China, the United States, Europe, and internationally.

Otsuka

Market Cap: JP¥1.2t

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

Nippon Television Holdings

Market Cap: JP¥944.0b

Operates as a media and content company in Japan.

Sanwa Holdings

Market Cap: JP¥918.0b

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

Nissan Chemical

Market Cap: JP¥731.3b

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

Azbil

Market Cap: JP¥708.6b

Provides automation products and services worldwide.

Kobe Steel

Market Cap: JP¥701.3b

Engages in the materials, machinery, and electric power businesses worldwide.

Iida Group Holdings

Market Cap: JP¥672.0b

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

Koito Manufacturing

Market Cap: JP¥644.1b

Engages in the manufacture and sale of automotive lighting devices, aircraft parts, railway vehicle parts, electrical equipment, and other related products in Japan.

Kyushu Railway

Market Cap: JP¥612.1b

Engages in the railway business in Japan.

Mitsubishi Gas Chemical Company

Market Cap: JP¥580.1b

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

Invincible Investment

Market Cap: JP¥533.0b

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

Japan Airport Terminal

Market Cap: JP¥461.0b

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

EXEO Group

Market Cap: JP¥458.3b

Provides services related to communications, electricity, civil engineering, and the environment in Japan.

Tokyo Seimitsu

Market Cap: JP¥416.6b

Manufactures and sells semiconductor manufacturing equipment and measuring instruments in Japan, China, Taiwan, South Korea, rest of East Asia, Southeast Asia, and internationally.

Toho Gas

Market Cap: JP¥415.6b

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

Sankyu

Market Cap: JP¥410.2b

Provides logistics services in Japan and internationally.

Resorttrust

Market Cap: JP¥398.8b

Engages in the hotel and restaurant business in Japan.

Miura

Market Cap: JP¥356.2b

Produces and sells boilers in Japan and internationally.

Toda

Market Cap: JP¥321.1b

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

Meidensha

Market Cap: JP¥300.3b

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

Amano

Market Cap: JP¥289.4b

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

Seiko Group

Market Cap: JP¥288.6b

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

Hisamitsu Pharmaceutical

Market Cap: JP¥283.9b

Manufactures and sells pharmaceuticals in Japan.

Bic Camera

Market Cap: JP¥275.0b

Engages in the manufacture and sale of audiovisual products in Japan.

Hanwa

Market Cap: JP¥260.6b

Trades in steel bars, construction works, steel plates, special steel, wire rods, steel pipes, and other products in Japan and internationally.