Japanese Potentially Undervalued Companies

MORI TRUST REIT

Market Cap: JP¥265.2b

MORI TRUST Reit, Inc. (“MTR”), a Japanese real estate investment corporation, was incorporated on October 2, 2001 under the Law Concerning Investment Trusts and Investment Corporations of Japan, or the Investment Trust Law.

Internet Initiative Japan

Market Cap: JP¥484.2b

Provides Internet connectivity, WAN, outsourcing, and systems integration services in Japan.

Japan Aviation Electronics Industry

Market Cap: JP¥172.3b

Provides connectors, user interface solutions, and aerospace electronics in Japan.

Shindengen Electric ManufacturingLtd

Market Cap: JP¥31.3b

Shindengen Electric Manufacturing Co.,Ltd.

Chuetsu Pulp & Paper

Market Cap: JP¥22.1b

Produces, process, and sells paper, pulp, and related by-products in Japan and internationally.

Japan Tissue Engineering

Market Cap: JP¥20.4b

Engages in the regenerative medicine business in Japan.

KanamotoLtd

Market Cap: JP¥127.3b

Engages in the construction equipment rental business in Japan and internationally.

Growth X PartnersInc

Market Cap: JP¥8.0b

Engages in the digital transformation consultation and support business for enterprises.

Ai Holdings

Market Cap: JP¥140.8b

Provides security and peripheral computer equipment, measuring devices, and card and other office equipment.

San ju San Financial GroupInc

Market Cap: JP¥91.6b

Provides various banking products and services.

JADE GROUPInc

Market Cap: JP¥14.5b

Operates a mail order site for providing shoes.

Hitachi

Market Cap: JP¥17.8t

Provides digital system and services, green energy and mobility, and connective industry solutions in Japan and internationally.

Itochu EnexLtd

Market Cap: JP¥221.7b

Engages in the sale of petroleum products and liquefied petroleum gas (LPG), electricity, heat supply, vehicle sales in Japan and internationally.

Chiyoda

Market Cap: JP¥111.7b

Engages in the integrated engineering business in Japan and internationally.

Premier Anti-Aging

Market Cap: JP¥8.0b

Engages in the planning, development, import, export, mail order, wholesale, and retail of cosmetics and health foods in Japan.

IACE TRAVEL

Market Cap: JP¥6.7b

Engages in the travel business primarily in Japan.

ASKA Pharmaceutical HoldingsLtd

Market Cap: JP¥70.8b

Through its subsidiaries, engages in the pharmaceutical, animal health, and hormone testing businesses in Japan.

Nichiban

Market Cap: JP¥40.4b

Develops, manufactures, and sells medical products and tapes in Asia and Europe.

Nippon Souken

Market Cap: JP¥671.7m

Provides insurance brokerage services in Japan.

Thirty-Four

Market Cap: JP¥1.2b

Engages in the real estate business in Japan.

Officebusters

Market Cap: JP¥16.8b

Officebusters Corporation is a dealer of used office equipment and furniture in Japan.

KUWAZAWA Holdings

Market Cap: JP¥8.8b

Operates as a construction materials trading company in Japan.

AirTrip

Market Cap: JP¥22.0b

Engages in the online travel agency business in Japan.

Just Planning

Market Cap: JP¥5.7b

Provides solutions for the food and beverage industry in Japan.

Awa Bank

Market Cap: JP¥136.3b

Provides commercial banking and leasing services in Japan.

Treasure FactoryLTD

Market Cap: JP¥44.1b

Engages in the development and operation of reuse stores in Japan.

TOCALOLtd

Market Cap: JP¥125.3b

Develops surface modifying technologies in Japan and internationally.

House Foods Group

Market Cap: JP¥272.0b

Engages in the manufacture, sale, import, and export of spices, seasonings, and processed foods in Japan and internationally.

Japan Cash Machine

Market Cap: JP¥27.3b

Develops, manufactures, and sells money-handling and amusement center machines in Japan and internationally.

COVER

Market Cap: JP¥131.3b

Engages in the virtual platform, VTuber production, and media mix businesses.

Taiyo Yuden

Market Cap: JP¥384.8b

Develops, manufactures, and sells electronic components in Japan, North America, China, Europe, Hong Kong, and internationally.

Japan System Techniques

Market Cap: JP¥51.3b

Engages in the software business in Japan and internationally.

Sanyo Chemical Industries

Market Cap: JP¥94.5b

Manufactures and sells chemical products in Japan.

Nippon Seiki

Market Cap: JP¥104.3b

Engages in the manufacture and sale of instruments for automobiles, motorcycles, agricultural and construction machines, and boats in Japan, the Americas, Europe, and rest of Asia.

Last One MileLtd

Market Cap: JP¥10.5b

Engages in last mile business in Japan and internationally.

JBCC Holdings

Market Cap: JP¥83.8b

Through its subsidiaries, engages in the provision of information technology related services in Japan.