Japanese Undervalued over 20% based on DCF

DeNA

Market Cap: JP¥258.6b

Develops and operates mobile and online services worldwide.

Konica Minolta

Market Cap: JP¥254.8b

Engages in digital workplace, Professional Print, Healthcare, Industry Business in Japan, China, other Asian countries, the United States, Europe, and internationally.

MEITEC Group Holdings

Market Cap: JP¥252.1b

Provides dispatch engineering solutions to manufacturing companies in Japan.

Takeuchi Mfg

Market Cap: JP¥251.4b

Manufactures and sells construction machinery in Japan and internationally.

H2O Retailing

Market Cap: JP¥251.2b

Operates department stores, supermarkets, and shopping centers in Japan.

Hanwa

Market Cap: JP¥249.2b

Trades in steel, metals and alloys, nonferrous metals, food products, petroleum and chemicals, lumber, machinery, and other products in Japan and internationally.

Sanki Engineering

Market Cap: JP¥244.0b

Provides various social infrastructure services in Japan and internationally.

Dai-Dan

Market Cap: JP¥243.7b

Engages in the design, supervision, and construction of electrical, air conditioning, plumbing and sanitary, and firefighting facilities works in Japan.

Fuji

Market Cap: JP¥243.0b

Manufactures and sells machines and machine tools in Japan.

Inaba Denki SangyoLtd

Market Cap: JP¥238.5b

Provides electrical equipment and materials, industrial automation, and proprietary products in Japan.

Izumi

Market Cap: JP¥237.8b

Operates general merchandise stores in Japan.

Frontier Real Estate Investment

Market Cap: JP¥237.5b

Frontier Real Estate Investment Corporation (the “Investment Corporation”) was established pursuant to the Investment Trust and Investment Corporation Act of Japan (Act No.

Tokuyama

Market Cap: JP¥237.3b

Produces and sells various chemical products in Japan.

freee K.K

Market Cap: JP¥236.3b

Engages in the provision of cloud-based accounting and HR software solutions in Japan.

Sawai Group Holdings

Market Cap: JP¥234.4b

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

Aica Kogyo Company

Market Cap: JP¥234.0b

Develops, produces, and sells chemical products, and laminates and building materials in Japan and internationally.

Aiful

Market Cap: JP¥227.0b

Engages in the consumer finance and credit guarantee business in Japan.

Anritsu

Market Cap: JP¥227.0b

Develops, manufactures, and sells electronic measurement instruments and systems for various communications applications in Japan and internationally.

UBE

Market Cap: JP¥223.8b

Engages in the materials and machinery businesses in Japan, North America, Europe, Africa, the Middle East, Thailand, India, Latin America, and internationally.

Life

Market Cap: JP¥219.3b

Engages in the supermarket chain in Japan.

FP

Market Cap: JP¥217.8b

Manufactures and markets polystyrene and compound resin disposable food containers in Japan.

Tokai Carbon

Market Cap: JP¥215.7b

Manufactures and sells carbon-related products and services in Japan.

Hino Motors

Market Cap: JP¥212.7b

Manufactures and sells commercial vehicles under the Hino brand worldwide.

Glory

Market Cap: JP¥210.7b

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

Micronics Japan

Market Cap: JP¥209.6b

Develops, manufactures, and sells body measuring instruments, semiconductor, and liquid crystal display inspection equipment worldwide.

KATITAS

Market Cap: JP¥209.5b

KATITAS CO., Ltd. surveys, purchases, refurbishes, remodels, and sells used homes to individuals and families in Japan.

Chudenko

Market Cap: JP¥206.3b

Operates as an equipment engineering company in Japan.

Seiko Group

Market Cap: JP¥201.5b

Engages in watches, devices solutions, systems solutions, apparels, clocks, fashion accessories, system clocks and other businesses in Japan and internationally.

DCM Holdings

Market Cap: JP¥198.7b

Engages in the home improvement and e-commerce businesses in Japan.

Mizuno

Market Cap: JP¥198.5b

Manufactures and sells sports products in Japan, the rest of Asia, Europe, the Americas, and Oceania.

H.U. Group Holdings

Market Cap: JP¥196.6b

Operates healthcare business in Japan, the United States, Europe, and internationally.

NTT UD REIT Investment

Market Cap: JP¥194.8b

NTT Urban Development REIT Investment Corporation (hereinafter referred to as the "Investment Corporation") was established on May 2, 2002 in accordance with the Act on Investment Trusts and Investment Corporations (hereinafter referred to as the "Investment Trust Act"), and was listed on the Real Estate Investment Trust Securities Market of the Tokyo Stock Exchange (currently Tokyo Stock Exchange Inc.; hereinafter referred to as the "Tokyo Stock Exchange") on September 10, 2002 (stock code 8956).

JVCKENWOOD

Market Cap: JP¥187.3b

Manufactures and sells products in the mobility and telematics services, public service, and media service sectors in Japan and internationally.

Elecom

Market Cap: JP¥187.3b

Engages in the development, manufacturing, and sale of personal computers and digital equipment related products in Japan and internationally.

Rigaku Holdings

Market Cap: JP¥186.9b

Manufactures and sells scientific instruments focuses on x-ray technologies in Japan, Asia, the United States, Europe, the Middle East, and Africa.

Fukuda Denshi

Market Cap: JP¥185.9b

Engages in the manufacture and sale of medical instruments in Japan and internationally.