Japanese Energy Undervalued over 20% based on DCF

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.

Idemitsu KosanLtd

Market Cap: JP¥2.0t

Engages in the petroleum, basic chemicals, functional materials, power and renewable energy, and resources businesses in Japan, rest of Asia, Oceania, North America, and internationally.

MODEC

Market Cap: JP¥1.0t

Operates as engineering, procurement, construction and installation (EPCI) general contractor of floating production systems in Brazil, Guyana, Senegal, Cote d' Ivoire, Ghana, Mexico, and internationally.

Cosmo Energy Holdings

Market Cap: JP¥700.6b

Through its subsidiaries, engages in the petroleum business in Japan and internationally.

Mitsuuroko Group HoldingsLtd

Market Cap: JP¥135.5b

Supplies liquefied petroleum gas and petroleum products in Japan, Singapore, and the rest of Asia.

Kyoei Tanker

Market Cap: JP¥13.9b

Engages in ship operation and ship chartering businesses in Japan.

Fuji United Holdings CompanyLtd

Market Cap: JP¥8.2b

Fuji United Holdings Company,Ltd. purchases and sells petroleum products in Japan.