Japanese Undervalued over 20% based on DCF

Kobe Bussan

Market Cap: JP¥722.9b

Primarily engages in the manufacture, wholesale, and retail food products, and franchise supermarket chain in Japan.

Cosmo Energy Holdings

Market Cap: JP¥685.3b

Through its subsidiaries, engages in the petroleum business in Japan and internationally.

Kraftia

Market Cap: JP¥680.8b

Engages in design, construction, and installation of power infrastructure construction business in Japan.

Meiko Electronics

Market Cap: JP¥679.1b

Engages in the design, manufacture, and sale of printed circuit boards (PCBs) and auxiliary electronics in Japan, China, Vietnam, the rest of Asia, North America, Europe, and internationally.

Trend Micro

Market Cap: JP¥666.4b

Develops and sells security-related software for computers and the internet in Japan, the Americas, Europe, and the Asia Pacific.

Mazda Motor

Market Cap: JP¥665.2b

Engages in the manufacture and sale of passenger cars and commercial vehicles in Japan, North America, Europe, and internationally.

Seiko Epson

Market Cap: JP¥663.1b

Develops, manufactures, sells, and provides services for products in the printing solutions, visual communications, manufacturing-related and wearables, and other businesses.

Yamazaki Baking

Market Cap: JP¥643.3b

Engages in the food business in Japan.

Sugi HoldingsLtd

Market Cap: JP¥638.7b

Operates drugstores in Japan.

GS Yuasa

Market Cap: JP¥635.1b

Manufactures and sells batteries, power supplies, lighting equipment, and other battery and electrical equipment in Japan, Asia, North America, Europe, and internationally.

Taiyo Yuden

Market Cap: JP¥619.9b

Develops, manufactures, and sells electronic components in Japan, North America, China, Europe, Hong Kong, and internationally.

Fuji Media Holdings

Market Cap: JP¥619.3b

Through its subsidiaries, engages in the broadcasting activities in Japan.

Toyo Tire

Market Cap: JP¥611.5b

Manufactures and sells tires in Japan, North America, and internationally.

AlsokLtd

Market Cap: JP¥608.2b

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

Takasago Thermal Engineering

Market Cap: JP¥594.1b

Designs, constructs, manufactures, sells, and installs heating, ventilation, and air conditioning (HVAC) systems in Japan and internationally.

Coca-Cola Bottlers Japan Holdings

Market Cap: JP¥593.8b

Engages in the purchases, sales, bottling, packaging, distribution and marketing of carbonated beverages, coffee beverages, tea beverages, mineral water, and other soft drinks in Japan.

MediPal Holdings

Market Cap: JP¥592.2b

Medipal Holdings Corporation engages in the prescription pharmaceutical wholesale business in Japan.

Santen Pharmaceutical

Market Cap: JP¥587.5b

Engages in the research and development, manufacturing, and marketing of pharmaceuticals and medical devices in Japan, China, Asia, Europe, the Middle East, Africa, and internationally.

Yamato Holdings

Market Cap: JP¥581.4b

Provides logistics shipping services in Japan and internationally.

Rohto PharmaceuticalLtd

Market Cap: JP¥556.1b

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

ORIX JREIT

Market Cap: JP¥552.0b

A Japanese real estate investment corporation was established on September 10, 2001, with 200 yen million of capital contribution by ORIX Corporation, under the Law Concerning Investment Trusts and Investment Corporations of Japan, or the Investment Trust Law.

TRIAL Holdings

Market Cap: JP¥545.1b

Operates in the retail, logistics, financial / payment services, and retail tech businesses.

United Urban Investment

Market Cap: JP¥534.7b

United Urban Investment Corporation was established on November 4, 2003 in accordance with the Act on Investment Trusts and Investment Corporations (Act No.

Kewpie

Market Cap: JP¥533.1b

Through its subsidiaries, manufactures and sales food products in Japan and internationally.

NHK Spring

Market Cap: JP¥520.1b

Manufactures and sells automotive parts in Japan, rest of Asia, America, Europe, and internationally.

Japan Airport Terminal

Market Cap: JP¥505.0b

Primarily engages in the management of passenger terminal buildings in Japan.

Nichirei

Market Cap: JP¥486.3b

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

Sega Sammy Holdings

Market Cap: JP¥484.2b

Engages in the entertainment contents business in Japan, the United States, Europe, and internationally.

Yamaha

Market Cap: JP¥480.1b

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

Invincible Investment

Market Cap: JP¥479.4b

Invincible Investment Corporation in accordance with the Investment Trust and Investment Corporation Act (Act No.

Sankyu

Market Cap: JP¥453.3b

Provides logistics services in Japan and internationally.

Alfresa Holdings

Market Cap: JP¥451.0b

Through its subsidiaries, engages in the manufacture, wholesale, marketing, and import/export of pharmaceuticals, diagnostic reagents, and medical devices/equipment in Japan and internationally.

Nifco

Market Cap: JP¥437.0b

Manufactures and sells industrial plastic parts and components in Japan, Asia, North America, China, South Korea, the United States, and Europe.

Toyota Boshoku

Market Cap: JP¥436.7b

Develops, manufactures, and sells automotive interior systems in Japan, the United States, China, and internationally.

NOK

Market Cap: JP¥436.5b

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.

Sanki Engineering

Market Cap: JP¥435.0b

Provides various social infrastructure services in Japan and internationally.