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

Central Japan Railway

Market Cap: JP¥4.0t

Engages in the railway and related businesses in Japan.

Nidec

Market Cap: JP¥2.4t

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

Makita

Market Cap: JP¥1.2t

Engages in the manufacture and sale of electric power tools, pneumatic tools, and gardening and household equipment in Japan, Europe, North America, Asia, Central and South America, Oceania, The Middle East, and Africa.

Otsuka

Market Cap: JP¥1.1t

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

YASKAWA Electric

Market Cap: JP¥1.1t

Engages in motion control, robotics, and system engineering businesses worldwide.

Sanwa Holdings

Market Cap: JP¥852.8b

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

Azbil

Market Cap: JP¥747.9b

Provides automation products and services worldwide.

Kobe Steel

Market Cap: JP¥716.5b

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

Hoshizaki

Market Cap: JP¥706.6b

Researches, develops, manufactures, and sells commercial kitchen appliances and equipment worldwide.

Nissan Chemical

Market Cap: JP¥692.3b

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

Iida Group Holdings

Market Cap: JP¥665.5b

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

NH Foods

Market Cap: JP¥632.4b

Engages in manufacturing and selling ham, sausage, processed food, meat, and dairy product in Japan and internationally.

Kyushu Railway

Market Cap: JP¥613.8b

Engages in the railway business in Japan.

Mitsubishi Gas Chemical Company

Market Cap: JP¥575.8b

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

AlsokLtd

Market Cap: JP¥566.3b

Engages in the electronic, stationed, and transportation security services in Japan and internationally.

BIPROGY

Market Cap: JP¥553.3b

Provides cloud computing and outsourcing services in Japan.

Invincible Investment

Market Cap: JP¥527.6b

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

Santen Pharmaceutical

Market Cap: JP¥493.5b

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.

Japan Airport Terminal

Market Cap: JP¥469.0b

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

Toho Gas

Market Cap: JP¥444.3b

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

Resorttrust

Market Cap: JP¥399.9b

Engages in the hotel and restaurant business in Japan.

Mitsubishi Logistics

Market Cap: JP¥385.4b

Provides logistics services in Japan and internationally.

Miura

Market Cap: JP¥361.0b

Produces and sells boilers in Japan and internationally.

Mabuchi Motor

Market Cap: JP¥327.9b

Mabuchi Motor Co., Ltd. manufacture and sale of small motors in Japan, Europe, and North America, and internationally.

Toda

Market Cap: JP¥326.5b

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

Hisamitsu Pharmaceutical

Market Cap: JP¥290.1b

Manufactures and sells pharmaceuticals in Japan.

Seiko Group

Market Cap: JP¥286.5b

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

Meidensha

Market Cap: JP¥275.8b

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.

Fuji

Market Cap: JP¥270.1b

Manufactures and sells electronic component mounting robots and machine tools in Japan.

Sumitomo Riko

Market Cap: JP¥269.1b

Engages in the manufacture and sale of automotive parts.

Bic Camera

Market Cap: JP¥269.1b

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

Nippon Shokubai

Market Cap: JP¥265.0b

Engages in the manufacture and sale of chemical products in Japan and internationally.

Inaba Denki SangyoLtd

Market Cap: JP¥258.2b

Sells electrical equipment and materials, industrial automation, and proprietary products in Japan and internationally.

Osaka Soda

Market Cap: JP¥235.6b

Manufactures and sells basic and functional products in Asia, Europe, North America, and internationally.

Meiko Electronics

Market Cap: JP¥229.1b

Engages in the design, manufacture, and sale of printed circuit boards (PCBs) and auxiliary electronics in Japan, China, Vietnam, the rest of Asia, North America, Europe, and internationally.