Japanese Undervalued over 20% based on DCF

Mitsubishi UFJ Financial Group

Market Cap: JP¥31.2t

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¥20.6t

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¥15.8t

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

Chugai Pharmaceutical

Market Cap: JP¥14.4t

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

Tokio Marine Holdings

Market Cap: JP¥13.6t

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

Japan Tobacco

Market Cap: JP¥10.8t

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

KDDI

Market Cap: JP¥10.5t

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

JAPAN POST BANK

Market Cap: JP¥9.4t

Provides financial products and services in Japan and internationally.

Recruit Holdings

Market Cap: JP¥9.0t

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

Sumitomo Electric Industries

Market Cap: JP¥7.3t

Manufactures and sells various materials in Japan and internationally.

Panasonic Holdings

Market Cap: JP¥6.3t

Research, develops, manufactures, sells, and services various electrical and electronic products in Japan, the United States, Europe, Asia, China, and internationally.

Komatsu

Market Cap: JP¥5.8t

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.

NEC

Market Cap: JP¥5.4t

Provides information technology services and social infrastructure in Japan and internationally.

Daiichi Sankyo Company

Market Cap: JP¥5.3t

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

DENSO

Market Cap: JP¥5.2t

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

Japan Post Holdings

Market Cap: JP¥5.1t

Provides postal, banking, and insurance services in Japan.

Seven & i Holdings

Market Cap: JP¥5.0t

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

Astellas Pharma

Market Cap: JP¥4.6t

Manufactures, markets, imports, and exports pharmaceuticals in Japan and internationally.

Bridgestone

Market Cap: JP¥4.3t

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.

Resona Holdings

Market Cap: JP¥4.1t

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

ENEOS Holdings

Market Cap: JP¥3.9t

Through its subsidiaries, operates in the energy, oil and natural gas exploration and production, and metals businesses in Japan, China, Asia, and internationally.

Canon

Market Cap: JP¥3.9t

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

Sumitomo Mitsui Trust Group

Market Cap: JP¥3.6t

Operates as a trust bank in Japan and internationally.

Terumo

Market Cap: JP¥3.2t

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

Shionogi

Market Cap: JP¥3.0t

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

Kubota

Market Cap: JP¥2.9t

Engages in the manufacture and sale of agricultural and construction machinery in Japan, North America, Europe, Asia, and internationally.

Kajima

Market Cap: JP¥2.8t

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

Kao

Market Cap: JP¥2.8t

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

Obayashi

Market Cap: JP¥2.6t

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

Nidec

Market Cap: JP¥2.5t

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

SECOM

Market Cap: JP¥2.5t

Provides security services in Japan and internationally.

IbidenLtd

Market Cap: JP¥2.3t

Manufactures and sells electronic and ceramics products in Japan, Asia, North America, and internationally.

Nippon Paint Holdings

Market Cap: JP¥2.3t

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

Asahi Kasei

Market Cap: JP¥2.1t

Engages in material, homes, healthcare businesses.

Mitsubishi HC Capital

Market Cap: JP¥2.1t

Engages in the lease, installment sale, and other financing activities in Japan, North America, the United Kingdom, rest of Europe, the Middle and Near East, Asia, Oceania, and internationally.

Nitto Denko

Market Cap: JP¥2.1t

Primarily engages in the adhesive tapes business in Japan, the Americas, Europe, Asia, and Oceania.