Japanese Retail Undervalued over 20% based on DCF

ABC-MartInc

Market Cap: JP¥691.7b

Engages in the retailing of shoes, clothing, and general merchandise products for men, women, and kids in Japan.

SHIMAMURA

Market Cap: JP¥691.2b

Engages in the sale of clothing and fashion related products in Japan and Taiwan.

Bic Camera

Market Cap: JP¥306.5b

Engages in the manufacture and sale of audiovisual products in Japan.

K's Holdings

Market Cap: JP¥304.2b

Operates consumer electronics stores in Japan.

PAL GROUP Holdings

Market Cap: JP¥264.6b

Engages in the sale of clothing in Japan.

Izumi

Market Cap: JP¥217.9b

Operates in retail and retail-related, and other businesses in Japan.

BuySell TechnologiesLtd

Market Cap: JP¥197.5b

Engages in the reuse business for kimonos and branded items in Japan.

JINS HOLDINGS

Market Cap: JP¥149.0b

Through its subsidiaries, engages in the planning, manufacturing, sales, and import/export of eyewear in Japan and internationally.

Nishimatsuya Chain

Market Cap: JP¥120.2b

Operates a chain of specialty stores for baby/children's living goods in Japan and Taiwan.

Central Automotive Products

Market Cap: JP¥118.4b

Engages in the development, import and export, and sale of automotive parts and related services.

KojimaLtd

Market Cap: JP¥115.1b

Engages in the sale, repair, and installation of home appliances and electrical products in Japan.

AlpenLtd

Market Cap: JP¥91.6b

Engages in the development and sale of sporting products in Japan.

United Arrows

Market Cap: JP¥70.5b

Engages in the planning, buying, and sale of men’s and women’s apparel, accessories, and other products in Japan.

Japan Eyewear Holdings

Market Cap: JP¥63.6b

Through its subsidiaries, plans, designs, manufactures, and sells eyeglasses in Japan.

Vt HoldingsLtd

Market Cap: JP¥62.9b

Operates as an automobile dealer in Japan.

Ku HoldingsLtd

Market Cap: JP¥39.0b

Operates as a dealer of new and used cars in Japan.

SPK

Market Cap: JP¥29.7b

Engages in the trading of automotive spare parts and accessories, and industrial vehicle parts in Japan, Asia, Oceania, Central America, South America, and internationally.

Syuppin

Market Cap: JP¥26.9b

Operates e-commerce websites for buying and selling new and used products in Japan.

NEW ART HOLDINGS

Market Cap: JP¥24.3b

Operates bridal jewelry business in Japan.

Sac's Bar Holdings

Market Cap: JP¥22.0b

Engages in the retail sale of bags, fashion goods, and related accessories in Japan.

KING

Market Cap: JP¥19.2b

Manufactures and sells textile products.

JADE GROUPInc

Market Cap: JP¥19.0b

Engages in the operation of an online shoe and fashion store in Japan.

TOKYO BASELtd

Market Cap: JP¥16.2b

Provides clothing products, personal accessories, and general merchandise in Japan.

Weds

Market Cap: JP¥11.7b

Engages in the planning, development, and sale of automotive parts and accessories in Japan.

Daimaru Enawin

Market Cap: JP¥11.6b

Sells LP gas and petroleum products in Japan.

UP GARAGE GROUP

Market Cap: JP¥11.0b

Engages in the car and motorcycle supplies retail business in Japan.

Tabio

Market Cap: JP¥8.6b

Plans, manufactures, wholesales, and retails socks.

Lilycolor

Market Cap: JP¥7.8b

Plans, develops, and sells interior products in Japan.It offers wallpaper, curtain, and floor materials under the Lilycolor brand.

Ota Floriculture AuctionLtd

Market Cap: JP¥3.8b

Engages in the wholesale floriculture products in Japan.

Dream VisionLtd

Market Cap: JP¥2.6b

Engages in the online mail-order sale of clothing, shoes, and other goods in Japan and internationally.

Muraki

Market Cap: JP¥2.3b

Engages in the wholesale of car care, and automobile repair parts and related products in Japan.

Living HouseLtd

Market Cap: JP¥1.6b

Engages in the retail and wholesale of home furnishings in Japan.