Japanese Undervalued over 20% based on DCF

Mitsubishi UFJ Financial Group

Market Cap: JP¥34.9t

Operates as a 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¥22.9t

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

Mizuho Financial Group

Market Cap: JP¥18.2t

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

Tokio Marine Holdings

Market Cap: JP¥13.8t

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

Chugai Pharmaceutical

Market Cap: JP¥13.3t

Engages in the research, development, manufacture, sale, importation, and exportation of pharmaceuticals in Japan and internationally.

Japan Tobacco

Market Cap: JP¥10.9t

A tobacco company, engages in the manufacture and sale of tobacco products in Japan and internationally.

KDDI

Market Cap: JP¥10.3t

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

ORIX

Market Cap: JP¥6.8t

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

Otsuka Holdings

Market Cap: JP¥6.1t

Engages in the pharmaceuticals, nutraceuticals, consumer products, and other businesses worldwide.

Daiichi Life Group

Market Cap: JP¥5.9t

Through its subsidiaries, provides insurance products in Japan, the United States, and internationally.

Fujitsu

Market Cap: JP¥5.7t

Provides digital services in Japan, Europe, the Americas, the Asia Pacific, East Asia, and internationally.

Komatsu

Market Cap: JP¥5.6t

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.

Daiichi Sankyo Company

Market Cap: JP¥4.8t

Manufactures and sells pharmaceutical products in Japan, the United States, Europe, and internationally.

Resona Holdings

Market Cap: JP¥4.8t

Through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally.

Seven & i Holdings

Market Cap: JP¥4.3t

Operates convenience stores in Japan, North America, and internationally.

Bridgestone

Market Cap: JP¥4.2t

Manufactures and sells tires and rubber products in Japan, China, India, the Asia Pacific, the United States, the Americas, Europe, the Middle East, and Africa.

Sumitomo Mitsui Trust Group

Market Cap: JP¥3.9t

Operates as a trust bank in Japan and internationally.

Nomura Holdings

Market Cap: JP¥3.8t

Engages in the provision of investment, financing, and related services to individual, institutional, and government clients worldwide.

Canon

Market Cap: JP¥3.6t

Develops, produces, sells, and services various printing, medical, imaging, and industrial equipment in Japan, the Americas, Europe, Asia, and Oceania.

Terumo

Market Cap: JP¥3.5t

Engages in the manufacture and sale of medical products and equipment in Japan, Europe, China, the United States, Asia, and internationally.

Oriental Land

Market Cap: JP¥3.5t

Operates and manages theme parks and hotels in Japan.

Kao

Market Cap: JP¥2.7t

Develops and sells hygiene living care, health beauty care, life care, cosmetics, and chemical products in Japan.

Kajima

Market Cap: JP¥2.5t

Engages in civil engineering, building construction, real estate development, architectural and civil design, and other businesses.

Shionogi

Market Cap: JP¥2.5t

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

Nippon Paint Holdings

Market Cap: JP¥2.4t

Engages in the paints and fine chemicals businesses in Japan, Asia, the United States, Europe, and internationally.

Obayashi

Market Cap: JP¥2.2t

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

Taisei

Market Cap: JP¥2.2t

Engages in the civil engineering, construction, and real estate development businesses in Japan.

Tokyo GasLtd

Market Cap: JP¥2.2t

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

T&D Holdings

Market Cap: JP¥2.0t

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

SBI Holdings

Market Cap: JP¥2.0t

Engages in investment businesses in Japan and internationally.

Niterra

Market Cap: JP¥1.9t

Manufactures and sells spark plugs and related products for internal-combustion engines and technical ceramics in Japan and internationally.

Yokohama Financial Group

Market Cap: JP¥1.9t

Provides various banking products and services to small and medium-sized businesses and individuals in Japan and internationally.

NEXON

Market Cap: JP¥1.8t

Engages in the production, development, and distribution of video games and mobile games in Japan and internationally.

Chiba Bank

Market Cap: JP¥1.7t

Provides banking products and services in Japan and internationally.

Unicharm

Market Cap: JP¥1.6t

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

MINEBEA MITSUMI

Market Cap: JP¥1.6t

Manufactures and supplies machined components, electronic devices and components, automotive, and industrial machinery and home security business in Japan and internationally.