Japanese Undervalued over 20% based on DCF

PowerXInc

Market Cap: JP¥288.0b

Manufactures and sells energy storage systems.

U-NEXT HOLDINGSLtd

Market Cap: JP¥287.3b

Offers entertainment services.

SHO-BOND HoldingsLtd

Market Cap: JP¥287.0b

Engages in repairing and reinforcing social infrastructures in Japan.

Kotobuki Spirits

Market Cap: JP¥284.5b

Produces and sells sweets in Japan and internationally.

Konica Minolta

Market Cap: JP¥283.3b

Engages in digital workplace, professional print, healthcare, and industry business in Japan, China, other Asian countries, the United States, Europe, and internationally.

Namura Shipbuilding

Market Cap: JP¥282.7b

Engages in the manufacture and sale of ships, machinery, and steel structures worldwide.

Oki Electric Industry

Market Cap: JP¥267.2b

Manufactures and sells products, technologies, software, and solutions for telecommunication and information systems in Japan and internationally.

Kumagai GumiLtd

Market Cap: JP¥263.9b

Operates as a construction company in Japan and internationally.

MORI TRUST REIT

Market Cap: JP¥263.4b

MORI TRUST Reit, Inc., a Japanese real estate investment corporation, was incorporated on October 2, 2001, under the Law Concerning Investment Trusts and Investment Corporations of Japan, or the Investment Trust Law.

Daiwa Securities Living Investment

Market Cap: JP¥262.0b

Daiwa Securities Living Investment Corporation based on the provisions of the Act on Investment Trusts and Investment Corporations and listed as a housing-specific REIT on the Tokyo Stock Exchange Real Estate Investment Trust market on June 22, 2006.

Comforia Residential REIT

Market Cap: JP¥261.9b

Comforia Residential Investment Corporation (the Investment Corporation) an investment corporation under the Act on Investment Trusts and Investment Corporations (Act No.

YONEX

Market Cap: JP¥261.8b

Manufactures and sells sporting goods in Japan.

Sawai Group Holdings

Market Cap: JP¥260.5b

Together with subsidiaries, engages in the research and development, manufacture, and marketing of generic pharmaceuticals.

PAL GROUP Holdings

Market Cap: JP¥258.7b

Engages in the planning, manufacture, wholesale, and retail of clothing products, including men’s and women’s clothing and accessories in Japan.

Mori Hills REIT Investment

Market Cap: JP¥257.7b

Mori Hills REIT Investment Corporation was incorporated by Mori Building Investment Management Co., Ltd.

Chudenko

Market Cap: JP¥256.3b

Operates as an equipment engineering company in Japan.

Okuma

Market Cap: JP¥246.5b

Manufactures and sells machine tools in Japan, the United States, Europe, and Asia/Pacific.

Round One

Market Cap: JP¥242.9b

Operates indoor leisure complex facilities.

MTG

Market Cap: JP¥238.7b

Manufactures and sells health, beauty, and wellness products in Japan and internationally.

Hulic Reit

Market Cap: JP¥237.6b

Hulic Reit, Inc. (“Investment Corporation”) was established on November 7, 2013, with Hulic Reit Management Co., Ltd.

Frontier Real Estate Investment

Market Cap: JP¥235.9b

Frontier Real Estate Investment Corporation was established pursuant to the Investment Trust.

Osaka Soda

Market Cap: JP¥232.9b

Manufactures and sells basic and functional chemicals products in Asia, Europe, North America, and internationally.

JustSystems

Market Cap: JP¥230.2b

Plans, develops, and provides software and related services primarily in Japan.

Life

Market Cap: JP¥228.6b

Engages in the supermarket chain in Japan.

Ship Healthcare Holdings

Market Cap: JP¥226.8b

Engages in the medical, healthcare, welfare, and nursing care businesses in Japan and internationally.

Okumura

Market Cap: JP¥226.3b

Engages in construction and related businesses in Japan.

Izumi

Market Cap: JP¥224.2b

Operates general merchandise stores in Japan.

Glory

Market Cap: JP¥222.5b

Develops, manufactures and sells cash handling machines in Japan, the United States, Europe, and Asia.

Fujimi

Market Cap: JP¥220.5b

Manufactures and sells synthetic precision abrasives in Japan, North America, Asia, and Europe.

Tokai Carbon

Market Cap: JP¥213.7b

Engages in the manufacture and sale of carbon-related products and services in Japan.

Seria

Market Cap: JP¥211.2b

Operates stores in Japan.

Nihon M&A Center Holdings

Market Cap: JP¥208.9b

Provides mergers and acquisition (M&A) brokerage services in Japan and internationally.

BuySell TechnologiesLtd

Market Cap: JP¥208.7b

Engages in the reuse business in Japan.

ColowideLtd

Market Cap: JP¥205.4b

Engages in restaurant management in Japan and internationally.

Kanadevia

Market Cap: JP¥204.1b

Engages in the design, manufacture, installation, sale, repair and maintenance of environmental equipment, plants, machinery, and infrastructure facilities in Japan, Europe, Asia, North America, Middle East, and internationally.

ARCS

Market Cap: JP¥204.1b

Engages in retail business and related operations in Japan.