Japanese Materials Undervalued over 20% based on DCF

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.

Nitto Denko

Market Cap: JP¥2.1t

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

Toray Industries

Market Cap: JP¥1.6t

Manufactures, processes, and sells fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering products, and life science products in Japan, China, North America, Europe, and internationally.

Tokyo Ohka Kogyo

Market Cap: JP¥923.3b

Manufactures and sells chemical products and process equipment in Japan and internationally.

Nissan Chemical

Market Cap: JP¥822.5b

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

Oji Holdings

Market Cap: JP¥755.4b

Manufactures and sells pulp and paper products in Japan, China, rest of Asia, North and South America, Europe, Oceania, and internationally.

Mitsubishi Gas Chemical Company

Market Cap: JP¥741.4b

Manufactures and sells basic and fine chemicals, and functional materials in Japan.

Mitsui Chemicals

Market Cap: JP¥704.7b

Engages in the mobility, life and health care, basic and green materials, ICT, and other businesses worldwide.

Taiheiyo Cement

Market Cap: JP¥393.6b

Engages in the cement, mineral resources, environmental, construction materials, and other businesses in Japan and internationally.

DIC

Market Cap: JP¥348.5b

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

C.UyemuraLtd

Market Cap: JP¥337.0b

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

Denka

Market Cap: JP¥326.7b

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

LINTEC

Market Cap: JP¥299.6b

Manufactures and sells adhesive-related products in Japan.

Tokai Carbon

Market Cap: JP¥212.8b

Engages in the manufacture and sale of carbon-related products and services in Japan.

Osaka Soda

Market Cap: JP¥212.5b

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

Fujimi

Market Cap: JP¥205.6b

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

Yodoko

Market Cap: JP¥201.4b

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

Chugoku Marine Paints

Market Cap: JP¥172.4b

Produces and sells functional coatings worldwide.

PILLAR

Market Cap: JP¥171.9b

Designs, develops, manufactures, and sells various fluid control equipment in Japan and internationally.

Daio Paper

Market Cap: JP¥155.6b

Engages in paper and paperboard business Japan, East Asia, Southeast Asia, Brazil, and internationally.

Fuji Seal International

Market Cap: JP¥143.0b

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

Sk KakenLtd

Market Cap: JP¥141.4b

Manufactures and sells organic and inorganic water-based coating materials, synthetic resin paints, inorganic coating materials, and inorganic building materials in Japan and internationally.

Mitani Sekisan

Market Cap: JP¥125.5b

Produces and sells concrete products in Japan.

MEC

Market Cap: JP¥123.6b

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.

T. Hasegawa

Market Cap: JP¥115.8b

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.

Sanyo Chemical Industries

Market Cap: JP¥109.7b

Manufactures and sells chemical products in Japan.

Shinagawa Refra

Market Cap: JP¥95.6b

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

Konishi

Market Cap: JP¥86.6b

Manufactures and sells synthetic adhesives in Japan.

Rasa Industries

Market Cap: JP¥59.9b

Rasa Industries, Ltd. is involved in the chemicals, machinery, and electronic materials businesses in Japan and internationally.

Soken Chemical & Engineering

Market Cap: JP¥56.2b

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

Nippon Fine Chemical

Market Cap: JP¥53.4b

Manufactures and sells fine chemical, cosmetic, and industrial chemical products in Japan and internationally.

Mory Industries

Market Cap: JP¥37.0b

Manufactures and sells stainless steel and welded carbon steel products in Japan.

Kuriyama Holdings

Market Cap: JP¥35.9b

Manufactures and sells of various hoses, rubber, and plastics products in Japan, the United States, Canada, Europe, and internationally.

Fujikura Kasei

Market Cap: JP¥34.6b

Provides various coatings and painting materials in Japan and internationally.

Ishihara Chemical

Market Cap: JP¥33.2b

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