Japanese Undervalued over 20% based on DCF

PHC Holdings

Market Cap: JP¥128.7b

Through its subsidiaries, provides medical devices, healthcare IT solutions, and life science products and services primarily in Japan.

Mitsuuroko Group HoldingsLtd

Market Cap: JP¥128.2b

Engages in the energy, power and electricity, food, living and wellness, and other businesses.

Musashino Bank

Market Cap: JP¥124.9b

Provides banking products and financial services in Japan.

Pacific Industrial

Market Cap: JP¥124.8b

Manufactures and sells automotive and electronic equipment parts in Japan and internationally.

Gunze

Market Cap: JP¥123.9b

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

Sk KakenLtd

Market Cap: JP¥123.3b

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

Noritake

Market Cap: JP¥122.3b

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

TOCALOLtd

Market Cap: JP¥121.3b

Develops surface modifying technologies in Japan and internationally.

TOMONY Holdings

Market Cap: JP¥121.2b

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

Maeda Kosen

Market Cap: JP¥119.6b

Manufactures and sells civil engineering materials, construction materials, agricultural materials, and nonwoven fabrics in Japan.

Itoki

Market Cap: JP¥118.8b

Engages in manufacturing and sale of office furniture in Japan and internationally.

NIHON CHOUZAILtd

Market Cap: JP¥117.0b

Engages in the management of health insurance dispensing chain pharmacies in Japan.

Zojirushi

Market Cap: JP¥115.6b

Manufactures and markets household products in Japan and internationally.

Japan Investment Adviser

Market Cap: JP¥115.3b

Provides various financial solutions in Japan.

Aoyama Trading

Market Cap: JP¥115.2b

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

Ryoyo Ryosan Holdings

Market Cap: JP¥115.2b

Engages in the purchase and sale of devices and ICT products.

Arclands

Market Cap: JP¥113.2b

Engages in the retail business in Japan.

Nippon Light Metal Holdings Company

Market Cap: JP¥112.8b

Nippon Light Metal Holdings Company, Ltd.

Mochida Pharmaceutical

Market Cap: JP¥112.2b

Manufactures and sells pharmaceuticals and healthcare products in Japan.

NOMURA

Market Cap: JP¥111.4b

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

H.I.S

Market Cap: JP¥110.9b

Provides travel agency services worldwide.

Mitsubishi Pencil

Market Cap: JP¥109.9b

Manufactures and supplies writing instruments in Japan.

Yokogawa Bridge Holdings

Market Cap: JP¥108.8b

Engages in the design, fabrication, and construction of steel structures in Japan and internationally.

NAGAWA

Market Cap: JP¥106.4b

Plans, designs, manufactures, and sells system and modular buildings and unit houses under the Super House name in Japan.

Nissei ASB Machine

Market Cap: JP¥104.5b

Engages in the planning, development, manufacturing, and sale of machines that produce PET and other plastic bottles worldwide.

Mitsuboshi Belting

Market Cap: JP¥103.0b

Manufactures and sells belts, construction materials, etc.

Central Automotive Products

Market Cap: JP¥102.3b

Engages in the development, import and export, and sale of automotive parts and related services.

Plus Alpha ConsultingLtd

Market Cap: JP¥101.4b

Provides marketing solutions.

Japan Lifeline

Market Cap: JP¥100.6b

A medical device company, engages in manufacturing and sale of medical device in Japan.

Wacom

Market Cap: JP¥99.3b

Develops, manufactures, and sells pen tablets and related software worldwide.

Weathernews

Market Cap: JP¥98.7b

Engages in the provision of weather services in Japan and internationally.

Tri Chemical Laboratories

Market Cap: JP¥97.7b

Develops, manufactures, and sells high-purity chemicals for semiconductor manufacturing in Japan, Taiwan, China, South Korea, and internationally.It offers semiconductors, coating, optical, fiber, compound semiconductor, and reagents.

Shoei

Market Cap: JP¥96.5b

Manufactures and sells motorcycle helmets for general public and government agencies under the SHOEI brand worldwide.

M&A Capital PartnersLtd

Market Cap: JP¥94.0b

Engages in the mergers and acquisitions (M&A) brokerage business in Japan.

Astroscale Holdings

Market Cap: JP¥93.1b

Provides on-orbit service solutions.

Nippon Seiki

Market Cap: JP¥91.7b

Engages in the manufacture and sale of instruments for automobiles, motorcycles, agricultural and construction machines, and boats in Japan, the Americas, Europe, and rest of Asia.