Japanese Undervalued over 20% based on DCF

Arclands

Market Cap: JP¥117.2b

Engages in the retail business in Japan.

Yokogawa Bridge Holdings

Market Cap: JP¥117.1b

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

Sanyo Chemical Industries

Market Cap: JP¥115.5b

Manufactures and sells chemical products in Japan.

Roland

Market Cap: JP¥114.7b

Develops, manufactures, markets, imports, and exports electronic musical instruments, equipment, and software in Japan and internationally.

Maxvalu TokaiLtd

Market Cap: JP¥114.3b

Operates and manages a chain of supermarkets in Japan.

Raksul

Market Cap: JP¥112.5b

Engages in the provision of printing services in Japan.

Chori

Market Cap: JP¥110.7b

Engages in textiles, chemicals, and machinery businesses in China and internationally.

Senshu ElectricLtd

Market Cap: JP¥109.2b

Trades in various electric wires, cables, and materials related to electrical construction work in Japan.

Nachi-Fujikoshi

Market Cap: JP¥108.0b

Manufactures and sells machine tools, parts, and other products in Japan, Asia, the Americas, and Europe.

Central Automotive Products

Market Cap: JP¥107.3b

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

Central Glass

Market Cap: JP¥105.5b

Engages in the chemical and glass businesses in Japan, Asia, Europe, and internationally.

Earth

Market Cap: JP¥105.2b

Engages in the manufacture, marketing, import, and export of pharmaceutical products, quasi-drugs, medical tools, and household products in Japan and internationally.

Wacom

Market Cap: JP¥104.7b

Develops, manufactures, and sells pen tablets and related software in Japan and internationally.

Hankyu Hanshin REIT

Market Cap: JP¥104.1b

An integrated real estate investment trust.

OPTEX GROUP Company

Market Cap: JP¥103.2b

Engages in planning, development, and sale of sensors in Japan, the United States, Europe, and Asia.

M&A Capital PartnersLtd

Market Cap: JP¥102.7b

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

Japan Lifeline

Market Cap: JP¥101.0b

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

ARGO GRAPHICS

Market Cap: JP¥100.2b

Provides technical solutions in Japan.

Arata

Market Cap: JP¥97.6b

Engages in the wholesale of daily goods, cosmetics, household goods, pet supplies, and others in Japan.

Shinagawa Refra

Market Cap: JP¥95.3b

Engages in the manufacture and sale of refractory products in Japan and internationally.

KYORIN Pharmaceutical

Market Cap: JP¥95.2b

Through its subsidiaries, researches and develops, manufactures, and sells ethical and generic drugs in Japan and internationally.

Gift Holdings

Market Cap: JP¥93.9b

Operates and manages restaurants in Japan.

IDEC

Market Cap: JP¥93.9b

Engages in the human-machine interface (HMI), industrial relays and components, automation and sensing, safety and explosion protection, and systems businesses in Japan, America, Europe, the Middle East, Africa, and the Asia Pacific.

Yondenko

Market Cap: JP¥93.8b

Engages in the electrical, and electrical power transmission and distribution facilities, construction activities in Japan.

MIRAI

Market Cap: JP¥93.2b

MIRAI Corporation (hereinafter MIRAI) is diversified REIT.

Saibu Gas HoldingsLtd

Market Cap: JP¥91.9b

Produces, supplies, and sells natural gas in Japan.

Samty Residential Investment

Market Cap: JP¥91.5b

Samty Residential Investment Corporation was established in accordance with the Act on Investment Trusts.

Aichi

Market Cap: JP¥90.3b

Manufactures and sells mechanized vehicles for electric utilities, telecommunications, construction, cargo handling, shipbuilding, and rail industries in Japan, Asia, Oceania, Europe, and internationally.

Bank of Saga

Market Cap: JP¥88.6b

Provides various banking products and services in Japan.

MEISEI INDUSTRIALLtd

Market Cap: JP¥88.3b

Operates as a construction works company in Japan and internationally.

Komori

Market Cap: JP¥86.8b

Engages in the manufacture, sale, and repair of printing presses in Japan, North America, Europe, and Greater China.

Shoei

Market Cap: JP¥85.8b

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

Konishi

Market Cap: JP¥85.1b

Manufactures and sells synthetic adhesives in Japan.

Osaki Electric

Market Cap: JP¥84.7b

Develops, manufactures, sells, and installs meters in Japan, rest of Asia, Oceania, Europe, and internationally.

Lifedrink Company

Market Cap: JP¥83.8b

Manufactures and sells soft drinks in Japan.

TOKAI

Market Cap: JP¥82.4b

Provides various healthy life services in Japan.