Japanese Materials Undervalued over 20% based on DCF

Shin-Etsu Chemical

Market Cap: JP¥8.2t

Provides infrastructure, electronics, and functional materials in Japan.

Nippon Paint Holdings

Market Cap: JP¥3.1t

Engages in the paints and fine chemicals businesses.

Asahi Kasei

Market Cap: JP¥1.5t

Manufactures and sells chemicals.

Mitsubishi Chemical Group

Market Cap: JP¥1.0t

Provides performance products, chemicals, industrial gases, health care products, and other products in Japan and internationally.

Tosoh

Market Cap: JP¥733.1b

Manufactures and sells basic chemicals, petrochemicals, specialty products, and fine chemicals worldwide.

Oji Holdings

Market Cap: JP¥697.0b

Engages in the pulp and paper business in Japan and internationally.

Kobe Steel

Market Cap: JP¥662.4b

Engages in the materials, machinery, and electric power businesses worldwide.

Resonac Holdings

Market Cap: JP¥654.2b

Operates as a chemical company in Japan, China, rest of Asia, and internationally.

Sumitomo Chemical Company

Market Cap: JP¥642.1b

Engages in Agro & Life Solutions, ICT & Mobility Solutions, Advanced Medical Solutions, Essential & Green Materials, and Sumitomo Pharma.

Mitsui Chemicals

Market Cap: JP¥629.7b

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

Kuraray

Market Cap: JP¥601.2b

Engages in the production and sale of resins, chemicals, fibers, activated carbon, and high-performance membranes and systems worldwide.

Yamato Kogyo

Market Cap: JP¥551.9b

Through its subsidiaries, engages in the manufacture and sale of steel products in Japan, and internationally.

Mitsubishi Gas Chemical Company

Market Cap: JP¥501.5b

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

Toyo Seikan Group Holdings

Market Cap: JP¥500.8b

Manufactures and sells packaging containers in Japan and internationally.

Taiheiyo Cement

Market Cap: JP¥417.5b

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

Sumitomo Bakelite

Market Cap: JP¥404.0b

Engages in the research and development, manufacture and sale of semiconductor materials, plastic products, and life products in Japan and internationally.

DIC

Market Cap: JP¥287.6b

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

Nippon Shokubai

Market Cap: JP¥262.5b

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

UACJ

Market Cap: JP¥257.1b

Manufactures and sells aluminum products in Japan and internationally.

Tokuyama

Market Cap: JP¥237.6b

Produces and sells various chemical products in Japan.

Aica Kogyo Company

Market Cap: JP¥232.2b

Develops, produces, and sells chemical products, and laminates and building materials in Japan and internationally.

Tokai Carbon

Market Cap: JP¥220.0b

Manufactures and sells carbon-related products and services in Japan.

UBE

Market Cap: JP¥219.5b

Engages in the materials and machinery businesses in Japan, North America, Europe, Africa, the Middle East, Thailand, India, Latin America, and internationally.

FP

Market Cap: JP¥216.8b

Manufactures and markets polystyrene and compound resin disposable food containers in Japan.

Toagosei

Market Cap: JP¥153.0b

Manufactures, distributes, and sells chemical products.

Daio Paper

Market Cap: JP¥146.4b

Manufactures and sales paper products in Japan, East Asia, Southeast Asia, Brazil, and internationally.

Krosaki Harima

Market Cap: JP¥138.2b

Manufactures and sells refractory and ceramic products in Japan and internationally.

Maeda Kosen

Market Cap: JP¥130.2b

Manufactures and sells civil engineering materials, construction materials, agricultural materials, and nonwoven fabrics in Japan.

Nippon Light Metal Holdings Company

Market Cap: JP¥110.8b

Nippon Light Metal Holdings Company, Ltd.

Kyoei Steel

Market Cap: JP¥94.4b

Engages in the manufacture, processing, and sells of billets and steel products in Japan, Vietnam, North America, and internationally.

Shinagawa Refractories

Market Cap: JP¥85.8b

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

Vertex

Market Cap: JP¥77.0b

Manufactures and sells concrete secondary products in Japan.

DKS

Market Cap: JP¥51.4b

Engages in the production and sale of surfactants, other industrial chemicals, and life sciences-related products in Japan and internationally.

Stella Chemifa

Market Cap: JP¥50.9b

Manufactures and sells inorganic fluorine compounds in Japan and internationally.

Tokyo Tekko

Market Cap: JP¥48.6b

Engages in the manufacture and sale of steel bars and processed steel bar products for the construction industry in Japan.

Sakai Chemical Industry

Market Cap: JP¥47.1b

Provides various chemical products in Japan.