Japanese Undervalued over 20% based on DCF

Hoshino Resorts REIT

Market Cap: JP¥151.0b

Hoshino Resorts REIT, Inc. (hereinafter, HRR) invests in hotels, ryokans (Japanese-style inns) and ancillary facilities that serve at the core of the tourism industry and for which stable use is expected for the medium to long term.

Riken Keiki

Market Cap: JP¥150.5b

Engages in research, development, manufacturing, sales and after-sales maintenance of industrial gas detection and alarm equipment and analyzers in Japan and internationally.

Toyo Engineering

Market Cap: JP¥149.8b

Engages in the engineering and construction of industrial facilities in Japan, India, China, and internationally.

BML

Market Cap: JP¥148.2b

Provides contract clinical testing and related services in Japan.

transcosmos

Market Cap: JP¥147.6b

Provides business outsourcing services in Japan and internationally.

Systena

Market Cap: JP¥147.6b

Engages in the solution and framework design, IT service, business solution, and cloud businesses in Japan.

IDOM

Market Cap: JP¥146.6b

IDOM Inc. purchases and sells used cars in Japan and internationally.

Sk KakenLtd

Market Cap: JP¥146.5b

Manufactures and sells organic and inorganic water-based coating materials, synthetic resin paints, inorganic coating materials, and inorganic building materials in Japan and internationally.

MEC

Market Cap: JP¥143.5b

Engages in the research and development, production, and sale of chemicals, equipment, and related materials for the production of printed circuit boards in Japan, Taiwan, Hong Kong, China, Thailand, and Europe.

Future

Market Cap: JP¥143.5b

Provides IT consulting and services primarily in Japan.

Fuji Seal International

Market Cap: JP¥143.5b

Engages in planning, proposal, development, manufacturing, and sales of packaging systems.

Hamakyorex

Market Cap: JP¥139.9b

Provides 3PL logistics and truck transportation services in Japan and internationally.

JAC Recruitment

Market Cap: JP¥137.0b

Provides recruitment consultancy services in Japan.

AOKI Holdings

Market Cap: JP¥136.6b

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

PHC Holdings

Market Cap: JP¥136.1b

Provides healthcare digital and precision technology solutions in Japan, Europe, North America, and internationally.

Hosiden

Market Cap: JP¥135.7b

Develops, manufactures, and sells electronic components in Japan and internationally.

Bunka Shutter

Market Cap: JP¥135.7b

Manufactures and sells building materials in Japan, Australia, and internationally.

Nichicon

Market Cap: JP¥134.3b

Engages in the development and production of electrical components in Japan, the United States, Asia, Europe, and internationally.

Mitsubishi Pencil

Market Cap: JP¥133.2b

Manufactures and supplies writing instruments in Japan, the United States, Europe, Asia, and internationally.

Elecom

Market Cap: JP¥131.5b

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

Mitani Sekisan

Market Cap: JP¥131.2b

Produces and sells concrete products in Japan.

Gunze

Market Cap: JP¥125.5b

Engages in the apparel, lifestyle creations, functional solutions, and medical materials businesses in japan and internationally.

JINS HOLDINGS

Market Cap: JP¥125.4b

Through its subsidiaries, engages in the planning, manufacturing, sales, and import/export of eyewear in Japan and internationally.

Japan Pulp and Paper

Market Cap: JP¥124.0b

Engages in the manufacture, import, export, distribution, wholesale, and sale of paper, paperboards, pulp, and paper-related products in Japan, Europe, Asia, Oceania, North America, and internationally.

Toyo Tanso

Market Cap: JP¥123.9b

Produces and sells carbon materials in Japan and internationally.

Nissei ASB Machine

Market Cap: JP¥123.8b

Engages in the planning, development, manufacturing, and distribution of production machines for PET and other plastic bottles worldwide.

Mitsuuroko Group HoldingsLtd

Market Cap: JP¥123.7b

Supplies liquefied petroleum gas and petroleum products in Japan, Singapore, and the rest of Asia.

Topre

Market Cap: JP¥123.6b

Engages in the press-related products and temperature-controlled logistics-related businesses in Japan.

Japan Wool Textile

Market Cap: JP¥121.8b

Engages in the manufacturing and sale of apparel textile products in Japan.

AZ-COM MARUWA Holdings

Market Cap: JP¥120.3b

Provides logistics services in Japan.

JAFCO Group

Market Cap: JP¥119.3b

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

Happinet

Market Cap: JP¥119.0b

Operates as an entertainment trading company in Japan.

Aoyama Trading

Market Cap: JP¥118.5b

Engages in the business wear, credit card, printing and media, sundry sales, repair service, franchisee, real estate and other businesses in Japan.

T. Hasegawa

Market Cap: JP¥118.5b

Produces, sells, imports, and exports fragrances, flavors, aromatic chemicals, food additives, and foods in Japan, China, the rest of Asia, the United States, and internationally.

Tsukishima Holdings

Market Cap: JP¥118.4b

Provides products and services for water and sewer facilities in Japan and internationally.

Integral

Market Cap: JP¥117.6b

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