Japanese Undervalued over 20% based on DCF

MISUMI Group

Market Cap: JP¥595.0b

Engages in the factory automation (FA) and die component businesses in Japan, China, rest of Asia, the Americas, Europe, and internationally.

Rohto PharmaceuticalLtd

Market Cap: JP¥564.9b

Manufactures and markets pharmaceutical products, cosmetics, and functional foods worldwide.

Yamato Kogyo

Market Cap: JP¥560.0b

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

Sapporo Holdings

Market Cap: JP¥549.1b

Engages in alcoholic beverages, foods and soft drinks, restaurants, and real estate businesses in Japan and internationally.

AlsokLtd

Market Cap: JP¥544.2b

Engages in the electronic, stationed, and transportation security services in Japan and internationally.

Mitsubishi Motors

Market Cap: JP¥543.8b

Engages in the development, production, and sale of passenger vehicles, and its parts and components in Japan, Europe, North America, Oceania, the rest of Asia, and internationally.

NH Foods

Market Cap: JP¥537.3b

Manufactures and sells food in Japan and internationally.

Kuraray

Market Cap: JP¥533.3b

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

Invincible Investment

Market Cap: JP¥526.1b

INV was established in January 2002 in accordance with the Investment Trust and Investment Corporation Act (Act No.

Toyo Seikan Group Holdings

Market Cap: JP¥521.6b

Manufactures and sells packaging containers in Japan and internationally.

TechnoPro Holdings

Market Cap: JP¥502.2b

Through its subsidiaries, operates as a temporary staffing and contract work company in Japan and internationally.

Sharp

Market Cap: JP¥499.8b

Manufactures and sells telecommunication equipment, electric and electronic application equipment, and electronic components in Japan, China, and internationally.

Internet Initiative Japan

Market Cap: JP¥498.5b

Provides Internet connectivity, WAN, outsourcing, and systems integration services in Japan.

Visional

Market Cap: JP¥477.0b

Provides human resources platform solutions in Japan.

DMG Mori

Market Cap: JP¥471.2b

Manufactures and sells machine tools worldwide.

Mitsubishi Gas Chemical Company

Market Cap: JP¥470.2b

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

HORIBA

Market Cap: JP¥470.1b

Manufactures and sells instruments and systems in worldwide.

Nikon

Market Cap: JP¥460.0b

Manufactures and sells optical instruments in Japan, North America, Europe, China, Thailand, and internationally.

Hamamatsu Photonics K.K

Market Cap: JP¥458.4b

Manufactures and sells photomultiplier tubes, imaging devices, light sources, opto-semiconductors, and imaging and analyzing systems in Japan and internationally.

Lion

Market Cap: JP¥449.1b

Manufactures and sells consumer and industrial products in Japan and internationally.

Yamaha

Market Cap: JP¥446.9b

Engages in the musical instruments, audio equipment, and other businesses in Japan and internationally.

Fujitec

Market Cap: JP¥443.0b

Engages in the research, development, manufacture, marketing, installation, and maintenance of elevators, escalators, moving walks, and transportation systems in Japan, East Asia, Europe, the Middle East, South Asia, South America, and North America.

ZENKOKU HOSHOLtd

Market Cap: JP¥441.4b

Engages in the credit guarantee business in Japan.

Stanley Electric

Market Cap: JP¥432.7b

Stanley Electric Co., Ltd., together with its subsidiaries, manufacture, sells, and import/export of automotive and other light bulbs in Japan and internationally.

Nichirei

Market Cap: JP¥427.3b

Through its subsidiaries, engages in the processed food, marine products, meat and poultry products, temperature-controlled logistics, real estate, and biosciences businesses in Japan and internationally.

Taiheiyo Cement

Market Cap: JP¥427.2b

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

Rakus

Market Cap: JP¥424.6b

Provides cloud services in Japan.

Kokuyo

Market Cap: JP¥417.6b

Manufactures, purchases, and sells office furniture products in Japan and internationally.

Sumitomo Bakelite

Market Cap: JP¥412.1b

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

Sumitomo Heavy Industries

Market Cap: JP¥410.3b

Manufactures and sells general machinery worldwide.

YaokoLtd

Market Cap: JP¥403.7b

Operates supermarkets in Japan.

GMO internet group

Market Cap: JP¥403.1b

Provides various Internet services worldwide.

NOK

Market Cap: JP¥395.1b

Manufactures, imports, and sells seal products, industrial mechanical parts, hydraulic and pneumatic equipment, nuclear power equipment, synthetic chemical products, and electronic and various other products in Japan and internationally.

Fuyo General Lease

Market Cap: JP¥379.6b

Engages in the leasing and instalment sales business in Japan and internationally.

Nifco

Market Cap: JP¥377.2b

Manufactures and sells industrial plastic parts and components in Japan, rest of Asia, North America, Mexico, and Europe.

Nichias

Market Cap: JP¥369.2b

Manufactures and sells thermal insulation materials primarily in Japan.