Japanese Undervalued over 20% based on DCF

Kiyo Bank

Market Cap: JP¥181.4b

Provides various banking products and services to individual and corporate customers in Japan.

InabataLtd

Market Cap: JP¥181.0b

Provides solutions and services for information and electronics, chemicals, life industry, and plastics businesses in Japan and internationally.

Konoike TransportLtd

Market Cap: JP¥179.1b

Provides logistics services in Japan and internationally.

Sangetsu

Market Cap: JP¥177.8b

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

Ricoh Leasing Company

Market Cap: JP¥173.5b

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

MEGMILK SNOW BRANDLtd

Market Cap: JP¥173.4b

Manufactures and sells milk, milk products, and other food products in Japan and internationally.

Micronics Japan

Market Cap: JP¥172.4b

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

Nakanishi

Market Cap: JP¥170.9b

Manufactures and sells dental and surgical products in Japan and internationally.

OSG

Market Cap: JP¥167.9b

Manufactures and sells cutting tools in Japan, the Americas, Europe, Africa, and Asia.

Kaga ElectronicsLtd

Market Cap: JP¥166.6b

Sells electronics parts, semiconductors, PCs, and peripherals in Japan, North America, Europe, and Asia.

ARCS

Market Cap: JP¥166.3b

Operates supermarkets in Japan.

Japan Aviation Electronics Industry

Market Cap: JP¥164.1b

Provides connectors, user interface solutions, and aerospace electronics in Japan.

Tokyo Steel Manufacturing

Market Cap: JP¥163.4b

Manufactures and sells various steel products in Japan, Asia, and internationally.

Open Up Group

Market Cap: JP¥159.4b

Engages in engineer dispatching, subcontracting, outsourcing, and recruiting business for the construction management, manufacturing, electronics, machinery, and IT software fields in Japan and internationally.

TamronLtd

Market Cap: JP¥155.2b

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

Sakata Seed

Market Cap: JP¥155.0b

Produces and sells vegetable and flower seeds, bulbs, plants, and agricultural and horticultural supplies in Japan and internationally.

Toagosei

Market Cap: JP¥154.5b

Manufactures, distributes, and sells chemical products.

Toshiba Tec

Market Cap: JP¥150.9b

Offers retail and workplace solutions in Japan and internationally.

COVER

Market Cap: JP¥148.6b

Engages in the virtual platform, VTuber production, and media mix businesses.

AOKI Holdings

Market Cap: JP¥148.4b

Engages in the fashion, anniversary and bridal, entertainment, and real estate rental businesses in Japan.

Shin Nippon Air Technologies

Market Cap: JP¥143.2b

Provides engineering systems to control air, water, heat, and other areas of air conditioning, electrical, and sanitary facilities in Japan and internationally.

Daio Paper

Market Cap: JP¥141.6b

Manufactures and sales paper products in Japan, East Asia, Southeast Asia, Brazil, and internationally.

Adastria

Market Cap: JP¥140.6b

Plans, produces, and retails clothes and sundry goods in Japan.

Raito Kogyo

Market Cap: JP¥140.3b

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

transcosmos

Market Cap: JP¥139.2b

Provides business outsourcing services in Japan and internationally.

Krosaki Harima

Market Cap: JP¥138.1b

Manufactures and sells refractory and ceramic products in Japan and internationally.

TokyotokeibaLtd

Market Cap: JP¥137.7b

Engages in rental of horse racing facilities in Japan.

JAFCO Group

Market Cap: JP¥136.5b

JAFCO Group Co., Ltd. formerly known as JAFCO Co., Ltd.

SBS Holdings

Market Cap: JP¥136.2b

Provides logistics services in Japan and internationally.

MCJ

Market Cap: JP¥133.4b

Engages in the PC related and entertainment businesses in Japan.

Awa Bank

Market Cap: JP¥133.0b

Provides commercial banking and leasing services in Japan.

TOWA

Market Cap: JP¥132.5b

Engages in the design, development, manufacture, and sale of semiconductor manufacturing equipment and high-precision molds in Japan and internationally.

Totech

Market Cap: JP¥132.5b

Engages in the sale of environment control equipment in Japan.

Toenec

Market Cap: JP¥131.5b

An integrated facility company, engages in the construction and improvement of social infrastructure in the energy, environment, and information technology fields in Japan.

Nitto Kogyo

Market Cap: JP¥131.3b

Manufactures and sells electric and mechanical equipment worldwide.

Integral

Market Cap: JP¥130.8b

A private equity firm which specializes in management buyouts, turnaround, leveraged buyouts, mezzanine, and other minority investments.