Japanese Undervalued over 20% based on DCF

CK SAN-ETSU

Market Cap: JP¥33.8b

Engages in the manufacture and sale of brass rod and wire products in Japan, China, and Taiwan.

S.T

Market Cap: JP¥33.6b

Manufactures and sells deodorizers and air fresheners, mothproofing agents, gloves, dehumidifiers, and other products in Japan and internationally.

Toyo Kanetsu K.K

Market Cap: JP¥33.3b

Engages in plant and machinery, material handling systems, and other businesses in Japan, Southeast Asia, and internationally.

AMIYA

Market Cap: JP¥33.1b

Develops, manufactures, and sells cybersecurity products and services.

Tazmo

Market Cap: JP¥32.3b

Manufactures and sells semiconductor manufacturing equipment in Japan, Taiwan, China, South Korea, Vietnam, rest of Asia, North America, and Europe.

ITmedia

Market Cap: JP¥32.3b

Engages in the development and operation of Internet-only media providing information on various topics in Japan.

Koa Shoji HoldingsLtd

Market Cap: JP¥32.3b

Through its subsidiaries, imports and sells active pharmaceutical ingredients (APIs) in Japan.

Sanshin Electronics

Market Cap: JP¥31.8b

Sells and trades in electronic components and other devices in Japan and internationally.

Yotai Refractories

Market Cap: JP¥31.8b

Engages in the manufacture and sale of refractories and new ceramics, as well as related engineering business in Japan.

Business Brain Showa-Ota

Market Cap: JP¥31.7b

Provides consulting and system development solutions in Japan.

Alleanza Holdings

Market Cap: JP¥31.7b

Engages in the home improvement business, pet store business, and related businesses.

SAN Holdings

Market Cap: JP¥31.6b

Provides funeral services in Japan.

KOMATSU MATERELtd

Market Cap: JP¥31.4b

Manufactures and sells various fabrics in Japan and internationally.

Iwatsuka Confectionery

Market Cap: JP¥31.2b

Manufactures and sells rice crackers in Japan.

TSUKADA GLOBAL HOLDINGS

Market Cap: JP¥31.1b

Through its subsidiaries, engages in the planning, development, and ownership of guest houses, hotels, and restaurants in Japan and internationally.

Kuriyama Holdings

Market Cap: JP¥30.8b

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

DD GROUP

Market Cap: JP¥30.7b

Primarily engages in the planning, management, and operation of food and beverage, and amusement businesses in Japan.

IBJ

Market Cap: JP¥30.3b

Provides marriage hunting services in Japan.

XYMAX REIT Investment

Market Cap: JP¥30.2b

XYMAX REIT Investment Corporation (hereinafter, “XYMAX REIT”) was listed on the Tokyo Stock Exchange Real Estate Investment Trust Securities Market on February 15, 2018.

SAXA

Market Cap: JP¥30.1b

Through its subsidiaries, develops, manufactures, and sells equipment and components for information and communication systems in Japan.

Kita-Nippon Bank

Market Cap: JP¥30.1b

Engages in the provision of commercial banking products and services in Japan.

Towa Bank

Market Cap: JP¥30.0b

Provides various banking products and services.

Mr Max Holdings

Market Cap: JP¥30.0b

Operates discount stores in Japan.

Chiyoda IntegreLtd

Market Cap: JP¥29.7b

Manufactures and sells structural and functional parts for various products in Japan and internationally.

RESOL HOLDINGSLtd

Market Cap: JP¥29.4b

Through its subsidiaries, engages in the hotel and golf operation businesses in Japan.

Maezawa Kyuso IndustriesLtd

Market Cap: JP¥29.3b

Designs, manufactures, and sells water supply equipment in Japan.

System Support Holdings

Market Cap: JP¥29.0b

Provides various information technology (IT) services in Japan and internationally.

Hirakawa Hewtech

Market Cap: JP¥28.7b

Manufactures and sells cable and assemblies, electric and electronic equipment, and medical equipment and parts in Japan and internationally.

E J Holdings

Market Cap: JP¥28.7b

Through its subsidiaries, engages in the civil engineering consultant business in Japan and internationally.

Core

Market Cap: JP¥28.6b

Provides information and communication technology services in Japan.

FIDEA Holdings

Market Cap: JP¥28.5b

Through its subsidiaries, provides various banking products and services to corporate and individual customers in Japan.

ToumeiLtd

Market Cap: JP¥28.5b

Offers telecommunications services in Japan.

Intelligent Wave

Market Cap: JP¥28.1b

Provides system development services and system products in Japan and internationally.

Yossix HoldingsLtd

Market Cap: JP¥27.9b

Engages in the restaurant business in Japan.

Futaba

Market Cap: JP¥27.8b

Designs, develops, manufactures, and sells electronic equipment, radio control, and manufacturing equipment in Japan and internationally.

Solvvy

Market Cap: JP¥27.4b

Provides warranty services and software as a service (SaaS) products.