Japanese Undervalued over 20% based on DCF

Pigeon

Market Cap: JP¥199.8b

Engages in the manufacture, sale, import, and export of baby and child-care products, maternity items, women’s care products, home healthcare products, and nursing care products in Japan and internationally.

Money Forward

Market Cap: JP¥199.5b

Provides financial solutions for individuals, financial institutions, and corporations primarily in Japan.

Yodoko

Market Cap: JP¥197.3b

Engages in the manufacture and sales of steel products for industrial and consumer products in Japan.

Toenec

Market Cap: JP¥197.3b

Engages in the construction and improvement of social infrastructure in the energy, environment, and information technology fields in Japan.

FP

Market Cap: JP¥195.7b

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

Kissei Pharmaceutical

Market Cap: JP¥194.8b

Researches, develops, manufactures, and sells pharmaceutical products primarily in Japan.

PILLAR

Market Cap: JP¥193.9b

Designs, develops, manufactures, and sells various fluid control equipment in Japan and internationally.

Token

Market Cap: JP¥190.9b

Operates as a construction company in Japan.

Yurtec

Market Cap: JP¥188.6b

Operates as a facility engineering company in Japan and internationally.

Ricoh Leasing Company

Market Cap: JP¥185.6b

Engages in leasing and finance, investment, and service businesses in Japan.

Heiwa Real Estate REIT

Market Cap: JP¥185.0b

An investment corporation.

Sakata Seed

Market Cap: JP¥184.7b

Produces and sells vegetable and flower seeds, bulbs, plants, and agricultural and horticultural supplies in Japan, the Americas, Europe, the Middle East, the rest of Asia, and internationally.

ARIAKE JAPAN

Market Cap: JP¥183.1b

Manufactures, processes, and sells natural seasoning products with extracts from chicken, pork, beef, and other fresh livestock ingredients.

Simplex Holdings

Market Cap: JP¥182.3b

Provides IT solutions in Japan.

Sangetsu

Market Cap: JP¥179.0b

Engages in the planning, development, manufacture, sale, and installation of interior decorating products in Japan and internationally.

JVCKENWOOD

Market Cap: JP¥178.5b

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

Noritake

Market Cap: JP¥178.5b

Noritake Co., Limited with its subsidiaries, provides industrial, ceramic and material, engineering, and tabletop products in Japan and internationally.

KITZ

Market Cap: JP¥178.1b

Engages in the manufacturing and selling of valves, other flow control devices, and related products in Japan and internationally.

TOMONY Holdings

Market Cap: JP¥177.5b

Through its subsidiaries, provides various banking and financial products and services.

H.U. Group Holdings

Market Cap: JP¥173.2b

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

Raito Kogyo

Market Cap: JP¥170.2b

Engages in the civil engineering works business in Japan, North America, and internationally.

TamronLtd

Market Cap: JP¥169.6b

Manufactures and sells optical equipment in Japan, North America, Europe, and Asia.

SBS Holdings

Market Cap: JP¥169.0b

Provides logistics services in Japan and internationally.

Chugoku Marine Paints

Market Cap: JP¥168.2b

Produces and sells functional coatings worldwide.

F.C.C

Market Cap: JP¥166.9b

Manufactures and sells clutches for automobiles, motorcycles, and general-purpose machinery in Japan and internationally.

Totech

Market Cap: JP¥165.7b

Engages in the sale of air conditioning equipment in Japan.

ITOCHU-SHOKUHIN

Market Cap: JP¥163.4b

Engages in the wholesale of food products and alcoholic beverages in Japan.

Konoike TransportLtd

Market Cap: JP¥161.4b

Engages in logistics business in Japan and internationally.

Hochiki

Market Cap: JP¥159.3b

Engages in the research and development, manufacture, sale, consulting, engineering, design, and maintenance of fire alarm systems, information and communication, fire extinguishing, crime prevention systems, and network and security systems.

Trusco Nakayama

Market Cap: JP¥157.9b

A trading company, engages in the wholesale of work, measuring, and cutting tools in Japan and internationally.

Daio Paper

Market Cap: JP¥156.8b

Engages in paper and paperboard business Japan, East Asia, Southeast Asia, Brazil, and internationally.

AS ONE

Market Cap: JP¥155.0b

Engages in the sale of research instruments and equipment, nursing and care products, and other scientific instruments in Japan and internationally.

Star Asia Investment

Market Cap: JP¥153.2b

Star Asia Investment Corporation (SAR) was established as a diversified real estate investment trust on December 1, 2015, under the Act on Investment Trusts and Investment Corporations (Act No.

NOMURA

Market Cap: JP¥152.2b

Engages in research, planning, consulting, design, layout, production and construction, and operation and management for space creation the Japan and internationally.

TOKAI Holdings

Market Cap: JP¥152.2b

Engages in energy, information and communications, and related businesses in Japan and internationally.

Toshiba Tec

Market Cap: JP¥151.7b

Offers retail and workplace solutions in Japan and internationally.