Japanese Materials Undervalued over 20% based on DCF

Shin-Etsu Chemical

Market Cap: JP¥11.3t

Provides infrastructure, electronics, and functional materials in Japan.

JX Advanced Metals

Market Cap: JP¥3.4t

Develops, manufactures, and sells materials made from copper and rare metals in Japan.

Nippon Paint Holdings

Market Cap: JP¥2.8t

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

Nitto Denko

Market Cap: JP¥2.3t

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

Mitsubishi Chemical Group

Market Cap: JP¥1.6t

Engages in the manufacture and sale of performance products, industrial materials, and other products.

Nissan Chemical

Market Cap: JP¥1.1t

Engages in the chemicals, performance materials, agricultural chemicals, and healthcare businesses in Japan and internationally.

Mitsui Chemicals

Market Cap: JP¥774.7b

Mitsui Chemicals, Inc. manufacture and sell goods or services in life & healthcare solutions, mobility solutions, ICT solutions, and basic & green materials worldwide.

Toyo Seikan Group Holdings

Market Cap: JP¥669.8b

Manufactures and sells packaging containers in Japan, Asia, and internationally.

NOF

Market Cap: JP¥625.2b

Manufactures chemicals in Japan.

Kansai Paint

Market Cap: JP¥513.6b

Manufactures and sells paints and coatings in Japan, India, China, Asia, Africa, Europe, and internationally.

DIC

Market Cap: JP¥491.6b

Manufactures and sells printing inks, organic pigments, and synthetic resins worldwide.

Zeon

Market Cap: JP¥459.1b

Engages in the elastomer materials, specialty materials, and other businesses in Japan, North America, Europe, and Asia.

Adeka

Market Cap: JP¥442.6b

Engages in chemicals, food, and life sciences businesses.

Nippon Shokubai

Market Cap: JP¥391.4b

Engages in the manufacture and sale of chemical products in Japan and internationally.

Daicel

Market Cap: JP¥374.3b

Engages in the materials, medical/healthcare, smart, safety, and engineering plastics businesses in Japan and internationally.

ARE Holdings

Market Cap: JP¥341.6b

Engages in refining, manufacturing, and trading of precious metals and rare metals in Japan, Asia, and North America.

C.UyemuraLtd

Market Cap: JP¥306.5b

Engages in the research, development, manufacture, and sale of surface treatment chemicals and machinery in Japan, Taiwan, China, and internationally.

Denka

Market Cap: JP¥291.4b

Manufactures and sells organic and inorganic, electronic material, pharmaceutical, and resin-related products in Japan, Asia, and internationally.

Fujimi

Market Cap: JP¥267.8b

Manufactures and sells synthetic precision abrasives in Japan, North America, Asia, and Europe.

Aica Kogyo Company

Market Cap: JP¥258.0b

Manufactures and sells chemical products in Japan, China, rest of Asia, Oceania, and internationally.

Osaka Soda

Market Cap: JP¥245.4b

Manufactures and sells basic and functional chemicals products in Asia, Europe, North America, and internationally.

Yodoko

Market Cap: JP¥202.1b

Engages in the manufacture and sales of steel products for industrial and consumer products in Japan.

Chugoku Marine Paints

Market Cap: JP¥177.1b

Produces and sells marine paints, industrial paints, and container paints Japan, China, South Korea, southeast Asia, Europe, and the United States of America.

Fuji Seal International

Market Cap: JP¥175.0b

Engages in planning, proposal, development, manufacturing, and sales of packaging systems.

Hokuetsu

Market Cap: JP¥143.8b

Manufactures and sells paper products in Japan, the rest of Asia, North America, and internationally.

Toyobo

Market Cap: JP¥143.7b

Manufactures, processes, and sells various films, life sciences, environmental and functional materials, and fibers and textiles products in Japan, China, Southeast Asia, and internationally.

Mitani Sekisan

Market Cap: JP¥138.3b

Produces and sells concrete products in Japan.

T. Hasegawa

Market Cap: JP¥137.4b

Produces, sells, imports, and exports fragrances, flavors, aromatic chemicals, food additives, and foods in Japan, China, the rest of Asia, the United States, and internationally.

Riken Technos

Market Cap: JP¥125.3b

Engages in compound, film, and food packaging businesses in Japan, Thailand, the United States, China, Europe, and internationally.

MEC

Market Cap: JP¥123.4b

Engages in the research and development, production, and sale of chemicals, equipment, and related materials for the production of printed circuit boards in Japan, Taiwan, Hong Kong, China, Thailand, and Europe.

OSAKA Titanium technologiesLtd

Market Cap: JP¥107.6b

Manufactures and sells titanium products in Japan, the United States of America, China, and internationally.

Tomoku

Market Cap: JP¥77.8b

Engages in the corrugated container and display carton, housing, transportation, and logistics businesses in Japan and internationally.

Koatsu Gas Kogyo

Market Cap: JP¥65.0b

Engages in the gas and chemical products businesses in Japan.

Vertex

Market Cap: JP¥58.7b

Manufactures and sells concrete secondary products in Japan.

Soken Chemical & Engineering

Market Cap: JP¥55.5b

Manufactures and sells acrylic pressure-sensitive adhesives, functional polymers, organic fine particles, and adhesive tapes in Japan, China, and internationally.

Nippon Denko

Market Cap: JP¥55.4b

Engages in the ferroalloys, functional materials, incineration ash resource recovery, aqua solutions, and electric power businesses in Japan.