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

Resorttrust

Market Cap: JP¥373.0b

Engages in the hotel and restaurant business.

Rorze

Market Cap: JP¥359.4b

Engages in the design, development, manufacture, and sale of automation systems for the semiconductor and flat panel display production worldwide.

Takashimaya Company

Market Cap: JP¥342.4b

Engages in the department stores, corporate, and mail order business in Japan.

Miura

Market Cap: JP¥335.8b

Produces and sells boilers in Japan and internationally.

Seino Holdings

Market Cap: JP¥330.2b

Provides transportation services in Japan and internationally.

NHK Spring

Market Cap: JP¥318.5b

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

Amano

Market Cap: JP¥318.2b

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

ULVAC

Market Cap: JP¥261.3b

Engages in vacuum equipment and applications business in Japan and internationally.

Suruga Bank

Market Cap: JP¥237.6b

Provides various banking and financial products and services to individuals and corporate customers in Japan.

MIRAIT ONE

Market Cap: JP¥227.1b

Engages in the telecommunications construction, electrical construction, civil engineering work, and architectural and construction businesses in Japan.

SWCC

Market Cap: JP¥223.0b

Operates in the energy systems, communication systems, and device businesses in Japan and internationally.

Inaba Denki SangyoLtd

Market Cap: JP¥222.1b

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

Namura Shipbuilding

Market Cap: JP¥218.2b

Engages in the manufacture and sale of ships, machinery, and steel structures worldwide.

Sumitomo DensetsuLtd

Market Cap: JP¥217.0b

Operates as a construction company in Japan, Indonesia, Thailand, Cambodia, Myanmar, the Philippines, China, and Malaysia.

Tokuyama

Market Cap: JP¥217.0b

Produces and sells various chemical products in Japan.

Nohmi Bosai

Market Cap: JP¥215.1b

Engages in the development, marketing, installation, and maintenance of various fire protection systems in Japan, China, rest of Asia, and the United States.

Nippon Shinyaku

Market Cap: JP¥212.0b

Manufactures and sells pharmaceuticals and foodstuffs in Japan and internationally.

DTS

Market Cap: JP¥208.3b

Provides systems integration services in Japan.

Itochu EnexLtd

Market Cap: JP¥194.7b

Engages in the sale of petroleum products and liquefied petroleum gas (LPG) in Japan and internationally.

Tokyo Kiraboshi Financial Group

Market Cap: JP¥183.8b

Provides financial services for small and medium-sized enterprise in Japan.

Seiko Group

Market Cap: JP¥179.1b

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

Mitsubishi Estate Logistics REIT Investment

Market Cap: JP¥178.5b

Mitsubishi Estate Logistics REIT Investment Corporation (“MEL”) was established on July 14, 2016 under the “Act on Investment Trust and Investment Corporation” (“Investment Trust Law”), and was listed on the REIT Securities Market of the Tokyo Stock Exchange on September 14, 2017 (securities code: 3481).

Meiko Electronics

Market Cap: JP¥174.5b

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.

Sumitomo Riko

Market Cap: JP¥173.2b

Engages in the manufacture and sale of automotive parts.

Daiichikosho

Market Cap: JP¥169.1b

Engages in the sale and rental of commercial karaoke systems in Japan.

Bunka Shutter

Market Cap: JP¥168.1b

Manufactures and sells various shutters and construction materials in Japan.

Konoike TransportLtd

Market Cap: JP¥156.3b

Provides logistics services in Japan and internationally.

Star Asia Investment

Market Cap: JP¥153.7b

Star Asia Investment Corporation (SAR) was established as a diversified real estate investment trust on December 1, 2015, under the Act on Investment Trusts and Investment Corporations (Act No.

JAPAN MATERIAL

Market Cap: JP¥152.0b

Operates in the electronics and graphics businesses in Japan.

Fujimi

Market Cap: JP¥151.8b

Manufactures and sells synthetic precision abrasives in Japan and internationally.

TOWA

Market Cap: JP¥151.1b

Designs, develops, manufactures, and sells semiconductor manufacturing equipment and high-precision molds in Japan and internationally.

artience

Market Cap: JP¥150.5b

Engages in the colorants and functional materials, polymers and coatings, printing and information, and packaging materials businesses in Japan, China, Europe, Africa, Asia, the Americas, and internationally.

Nippon Densetsu Kogyo

Market Cap: JP¥149.9b

Operates as a railway electronics equipment construction company in Japan.

C.UyemuraLtd

Market Cap: JP¥149.4b

Researches, develops, manufactures, and sells plating chemicals, industrial chemicals, non-ferrous metals, and other products in Japan and internationally.

AOKI Holdings

Market Cap: JP¥140.4b

Engages in the fashion, anniversary and bridal, entertainment, and real estate rental businesses in Japan.

Fuso ChemicalLtd

Market Cap: JP¥136.4b

Manufactures and sells life science, electronic material, and functional chemical products worldwide.