Japanese Undervalued over 20% based on DCF

T&D Holdings

Market Cap: JP¥1.9t

Through its subsidiaries, provides insurance products and services in Japan.

Idemitsu KosanLtd

Market Cap: JP¥1.9t

Engages in the petroleum, basic chemicals, functional materials, power and renewable energy, and resources businesses in Japan, rest of Asia, Oceania, North America, and internationally.

Yokohama Financial Group

Market Cap: JP¥1.7t

Provides various banking products and services to small and medium-sized businesses and individuals in Japan and internationally.

Toray Industries

Market Cap: JP¥1.7t

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.

Kawasaki Kisen Kaisha

Market Cap: JP¥1.7t

Engages in the provision of marine, land, and air transportation services in Japan, the United States, Europe, Asia, and internationally.

Unicharm

Market Cap: JP¥1.7t

Engages in the manufacturing and sale of pet care and related products in Japan and internationally.

Isuzu Motors

Market Cap: JP¥1.6t

Manufactures and sells commercial vehicles, light commercial vehicles, and diesel engines and components worldwide.

Niterra

Market Cap: JP¥1.6t

Manufactures and sells spark plugs and related products for internal-combustion engines and technical ceramics in Japan and internationally.

Chiba Bank

Market Cap: JP¥1.6t

Provides banking products and services in Japan and internationally.

Eisai

Market Cap: JP¥1.5t

Engages in the research and development, manufacture, sale, and import and export of pharmaceuticals in India.

Hulic

Market Cap: JP¥1.4t

Engages in holding, leasing, brokerage, and selling of real estate properties in Japan.

Kyowa Kirin

Market Cap: JP¥1.4t

Engages in the research, development, manufacturing, and marketing of pharmaceuticals in Japan, the Americas, Europe, Asia, and internationally.

Mitsubishi Chemical Group

Market Cap: JP¥1.3t

Provides performance products, industrial materials, industrial gases, and others in Japan and internationally.

Mebuki Financial GroupInc

Market Cap: JP¥1.3t

Provides banking products and financial services in Japan and internationally.

AGC

Market Cap: JP¥1.2t

Manufactures and sells architectural glass, electronics, chemicals, automotive, and ceramics worldwide.

Fukuoka Financial Group

Market Cap: JP¥1.2t

Provides various banking services to individual and corporate customers.

Hitachi Construction Machinery

Market Cap: JP¥1.2t

Manufactures and sells construction machineries in Japan, the Americas, Europe, Russia, CIS, Africa, the Middle East, Asia, Oceania, and China.

Ono Pharmaceutical

Market Cap: JP¥1.2t

Produces, purchases, and sells pharmaceuticals and diagnostic reagents worldwide.

Rakuten Bank

Market Cap: JP¥1.2t

Provides internet banking products and services to individual, corporate, and sole proprietor customers in Japan.

Otsuka

Market Cap: JP¥1.2t

Provides information services in Japan.

Oracle Corporation Japan

Market Cap: JP¥1.1t

Provides software, hardware, and cloud products and solutions in Japan.

MINEBEA MITSUMI

Market Cap: JP¥1.1t

Manufactures and supplies machined components, electronic devices and components, automotive, and industrial machinery and home security business in Japan and internationally.

Meiji Holdings

Market Cap: JP¥1.1t

Through its subsidiaries, engages in the manufacture and sale of dairy products, confectionery food products and pharmaceuticals in Japan and internationally.

Toyo Suisan Kaisha

Market Cap: JP¥1.1t

Produces and sells food products in Japan and internationally.

MatsukiyoCocokara

Market Cap: JP¥1.0t

Operates and manages chain stores, drug stores, and insurance dispensing pharmacies in Japan.

MODEC

Market Cap: JP¥992.3b

Operates as engineering, procurement, construction and installation (EPCI) general contractor of floating production systems in Brazil, Guyana, Senegal, Cote d' Ivoire, Ghana, Mexico, and internationally.

MonotaRO

Market Cap: JP¥895.6b

Operates an online MRO products store for factories in Japan and internationally.

Nissin Foods HoldingsLtd

Market Cap: JP¥889.6b

Manufactures and sells instant foods in Japan, the United States, and internationally.

Sysmex

Market Cap: JP¥874.1b

Engages in the development, manufacture, and sale of diagnostic instruments, reagents, and related software.

Japan Real Estate Investment

Market Cap: JP¥864.4b

Japan Real Estate Investment Corporation pursuant to Japan’s Act on Investment Trusts and Investment Corporations (ITA).

Nissan Chemical

Market Cap: JP¥850.2b

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

Tokyo Tatemono

Market Cap: JP¥785.8b

Operates as a real estate company in Japan.

Ricoh Company

Market Cap: JP¥782.4b

Develops, manufactures, and sells digital products and services in Japan, the Americas, Europe, the Middle East, Africa, China, South East Asia, and Oceania.

Brother Industries

Market Cap: JP¥761.3b

Manufactures and sells communications and printing equipment in Japan, the United States, China, and internationally.

Oji Holdings

Market Cap: JP¥749.5b

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

Acom

Market Cap: JP¥738.7b

Engages in financial services business in Japan, Thailand, and internationally.