Japanese Undervalued over 20% based on DCF

Mitsubishi UFJ Financial Group

Market Cap: JP¥24.3t

Operates as the bank holding company, that engages in a range of financial businesses in Japan, the United States, Europe, Asia/Oceania, and internationally.

Sumitomo Mitsui Financial Group

Market Cap: JP¥14.7t

Provides banking, leasing, securities, consumer finance, and other services in Japan, the Americas, Europe, the Middle East, Asia, and Oceania.

Recruit Holdings

Market Cap: JP¥13.0t

Provides HR technology and business solutions that transforms the world of work.

Tokio Marine Holdings

Market Cap: JP¥11.8t

Engages in the non-life and life insurance, and financial and general businesses in Japan and internationally.

Mizuho Financial Group

Market Cap: JP¥11.1t

Engages in banking, trust, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally.

KDDI

Market Cap: JP¥10.1t

Engages in the provision of telecommunications services in Japan and internationally.

Shin-Etsu Chemical

Market Cap: JP¥8.2t

Provides infrastructure, electronics, and functional materials in Japan.

Japan Tobacco

Market Cap: JP¥8.1t

A tobacco company, manufactures and sells tobacco products, pharmaceuticals, and processed foods in Japan and internationally.

Daiichi Sankyo Company

Market Cap: JP¥6.8t

Manufactures and sells pharmaceutical products in Japan, North America, Europe, and internationally.

JAPAN POST BANK

Market Cap: JP¥6.1t

Provides various banking products and services to retail and corporate clients in Japan and internationally.

DENSO

Market Cap: JP¥5.8t

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

Komatsu

Market Cap: JP¥4.5t

Manufactures and sells construction, mining, and utility equipment in Japan, the Americas, Europe, China, Rest of Asia, Oceania, the Middle East, Africa, and CIS countries.

Murata Manufacturing

Market Cap: JP¥4.3t

Designs, manufactures, and sells ceramic-based passive electronic components and solutions in Japan and internationally.

Japan Post Holdings

Market Cap: JP¥4.2t

Provides postal, banking, and insurance services in Japan.

LY

Market Cap: JP¥4.0t

Engages in the online advertising and e-commerce businesses in Japan.

Canon

Market Cap: JP¥3.9t

Manufactures and sells office multifunction devices (MFDs), laser and inkjet printers, cameras, medical equipment, and lithography equipment in Japan, the Americas, Europe, and Asia and Oceania.

ORIX

Market Cap: JP¥3.9t

Provides financial services in Japan, the United States, Asia, Europe, and Australasia.

TDK

Market Cap: JP¥3.6t

Engages in manufacture and sale of electronic components in Japan, Europe, China, Asia, the Americas, and internationally.

Panasonic Holdings

Market Cap: JP¥3.4t

Research, develops, manufactures, sells, and services various electrical and electronic products worldwide.

Renesas Electronics

Market Cap: JP¥3.3t

Researches, develops, designs, manufactures, sells, and services semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

Resona Holdings

Market Cap: JP¥3.2t

Through its subsidiaries, provides retail and commercial banking products and services in Japan and internationally.

Nippon Paint Holdings

Market Cap: JP¥3.0t

Engages in the paints and fine chemicals businesses.

Nomura Holdings

Market Cap: JP¥3.0t

Provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide.

Sumitomo Electric Industries

Market Cap: JP¥2.9t

Manufactures and sells electric wires and cables worldwide.

Sumitomo Mitsui Trust Group

Market Cap: JP¥2.8t

Operates as a trust bank in Japan and internationally.

Kyocera

Market Cap: JP¥2.6t

Develops, produces, and distributes products based on fine ceramic technologies in Japan, China, rest of Asia, Europe, the United States, and internationally.

Inpex

Market Cap: JP¥2.6t

Engages in the research, exploration, development, production, and sale of oil, natural gas, and other mineral resources in Japan and internationally.

Shionogi

Market Cap: JP¥2.2t

Engages in the research, development, manufacture, and distribution of pharmaceuticals, diagnostic reagents, and medical devices in Japan.

SBI Holdings

Market Cap: JP¥1.9t

Engages in the online securities and investment businesses in Japn and Saudi Arabia.

T&D Holdings

Market Cap: JP¥1.9t

Through its subsidiaries, provides insurance products and services primarily in Japan.

Unicharm

Market Cap: JP¥1.8t

Engages in the manufacturing and sale of care-related products, and pet care-related products in Japan and internationally.

Hikari Tsushin

Market Cap: JP¥1.8t

A holding company, engages in the sale of communication-related products in Japan.

Mitsubishi HC Capital

Market Cap: JP¥1.6t

Engages in the lease, installment sale, and other financing activities in Japan, Europe, the Americas, China, and ASEAN region.

Daiwa Securities Group

Market Cap: JP¥1.5t

Operates in the financial and capital markets in Japan and internationally.

Asahi Kasei

Market Cap: JP¥1.5t

Manufactures and sells chemicals.

Shimano

Market Cap: JP¥1.5t

Develops, produces, and distributes bicycle components, fishing tackles, and rowing equipment.