Japanese Undervalued over 20% based on DCF

Fuyo General Lease

Market Cap: JP¥383.6b

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

Nifco

Market Cap: JP¥377.7b

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

Nichias

Market Cap: JP¥363.5b

Manufactures and sells thermal insulation materials primarily in Japan.

Mercari

Market Cap: JP¥362.8b

Plans, develops, and operates Mercari marketplace applications in Japan and the United States.

Taiyo Yuden

Market Cap: JP¥347.4b

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

SENKO Group Holdings

Market Cap: JP¥347.0b

Operates as a logistics company worldwide.

Rorze

Market Cap: JP¥345.3b

Engages in the design, development, manufacture, and sale of automation systems for the semiconductor and flat panel display production worldwide.

PARK24

Market Cap: JP¥343.2b

Operates and manages parking facilities in Japan and Internationally.

Calbee

Market Cap: JP¥342.5b

Engages in the production and sale of snacks and other food products in Japan, North America, Greater China, Asia, the United Kingdom, Indonesia, and internationally.

Mizuho Leasing Company

Market Cap: JP¥341.8b

Provides general leasing services in Japan and internationally.

Tokyo Seimitsu

Market Cap: JP¥340.6b

Manufactures and sells semiconductor production equipment (SPE) and measuring instruments in Japan.

KOSÉ

Market Cap: JP¥336.2b

Manufactures and sells cosmetics and cosmetology products primarily in Japan and internationally.

Leopalace21

Market Cap: JP¥335.2b

Engages in the construction, leasing, and sale of apartments, condominiums, and residential housing in Japan.

Goldwin

Market Cap: JP¥332.9b

Researches, develops, manufactures, and sells apparel in Japan.

Nojima

Market Cap: JP¥330.6b

Operates digital home electronics retail stores in Japan and internationally.

JGC Holdings

Market Cap: JP¥330.5b

Provides engineering, procurement, and construction services.

Nippon Electric Glass

Market Cap: JP¥321.0b

Manufactures and sells specialty glass products and glass making machinery in Japan and internationally.

AEON Financial Service

Market Cap: JP¥314.1b

Through its subsidiaries, provides various financial services in Japan.

DIC

Market Cap: JP¥304.7b

Manufactures and sells printing inks, organic pigments, and synthetic resins worldwide.

Nissui

Market Cap: JP¥302.8b

Engages in marine, food products, fine chemicals, distribution, and marine-related/engineering businesses in Japan and internationally.

TOMY Company

Market Cap: JP¥302.8b

Plans, manufactures, and sells toys, general merchandise, card games, and baby care products.

TVhi Holdings

Market Cap: JP¥300.3b

Engages in the television (TV) broadcasting business in Japan and internationally.

Kotobuki Spirits

Market Cap: JP¥298.6b

Produces and sells sweets in Japan.

Bic Camera

Market Cap: JP¥282.2b

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

Nihon Kohden

Market Cap: JP¥281.6b

Engages in development, manufacturing, sale, maintenance, and consultation of medical electronic equipment, and related systems and products in Japan, Americas, Europe, rest of Asia, and internationally.

Meidensha

Market Cap: JP¥279.0b

Engages in the power infrastructure; public, industrial, and commercial sector; mobility and electrical components; field service engineering; and real estate businesses in Japan and internationally.

Paltac

Market Cap: JP¥275.2b

Engages in the wholesale of cosmetics, daily necessities, and over-the-counter drugs in Japan.

Daiwabo Holdings

Market Cap: JP¥274.4b

Operates as an IT infrastructure distributor in Japan.

AEON REIT Investment

Market Cap: JP¥274.0b

AEON REIT Investment Corporation (hereinafter, “AEON REIT”) invests primarily in retail and related properties which, as an integral part of the communities in which they are located, form the backbone of communities and their retail business infrastructure.

Casio ComputerLtd

Market Cap: JP¥271.8b

Develops, produces, and sells consumer, system equipment, and other products.

Relo Group

Market Cap: JP¥271.0b

Engages in the provision of property management services in Japan.

Nippon Shokubai

Market Cap: JP¥267.1b

Engages in the manufacture and sale of various chemical products in Japan and internationally.

LaSalle LOGIPORT REIT

Market Cap: JP¥266.0b

With LaSalle REIT Advisors K.K. as the organizer, LaSalle LOGIPORT REIT (LLR) was established on October 9, 2015, pursuant to the Investment Trusts Act, and was listed on the J-REIT section of the Tokyo Stock Exchange (Securities Code: 3466) on February 17, 2016.

UACJ

Market Cap: JP¥264.8b

Manufactures and sells aluminum products in Japan and internationally.

House Foods Group

Market Cap: JP¥263.7b

Engages in the manufacture, sale, import, and export of spices, seasonings, and processed foods in Japan and internationally.

Japan Logistics Fund

Market Cap: JP¥262.4b

JLF is the first logistics properties focused J-REIT, with target areas of Tokyo Metropolitan area, Osaka, Nagoya and Fukuoka Area.