Japanese Undervalued over 20% based on DCF

KYORIN Pharmaceutical

Market Cap: JP¥89.4b

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

Prestige International

Market Cap: JP¥89.2b

Provides business process outsourcing services in Japan and internationally.

MIRAI

Market Cap: JP¥89.2b

MIRAI is diversified J-REIT. Based on the Act on Investment Trusts and Investment Corporations of Japan (Act No.

Chiba Kogyo Bank

Market Cap: JP¥87.8b

Provides various banking products and services in Japan.

Riken Vitamin

Market Cap: JP¥86.2b

Engages in the food ingredient, food improving agents, health care, consumer and commercial foods, and chemical improving agents, and vitamins businesses in Japan.

Toyo Tanso

Market Cap: JP¥85.9b

Engages in the production and sale of carbon materials in Japan and internationally.

JBCC Holdings

Market Cap: JP¥85.8b

Through its subsidiaries, engages in the provision of information technology related services in Japan.

Septeni Holdings

Market Cap: JP¥85.7b

Through its subsidiaries, engages in the digital marketing and media platform businesses in Japan and internationally.

Shinagawa Refractories

Market Cap: JP¥85.5b

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

Maxell

Market Cap: JP¥84.7b

Manufactures and sale energy, functional materials, optics and systems, and life solution products in Japan, the Americas, Europe, Asia, and internationally.

Aichi

Market Cap: JP¥84.6b

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

NEC Capital Solutions

Market Cap: JP¥84.5b

Provides financial services in Japan.

Nihon Dengi

Market Cap: JP¥83.6b

Engages in the design and construction of automatic control systems, as well as the sale of automatic control equipment. The company operates through two segments: Air Conditioning and Instrumentation Related Business and Industrial System Related Business.

BuySell TechnologiesLtd

Market Cap: JP¥82.9b

Engages in the kimono/branded goods reuse business in Japan.

Milbon

Market Cap: JP¥81.8b

Manufactures and sells cosmetic products in Japan and internationally.

Hioki E.E

Market Cap: JP¥81.1b

Develops, manufactures, sells, and services electrical measuring instruments in Japan, China, rest of Asia, America, Europe, and internationally.

G-Tekt

Market Cap: JP¥80.8b

Manufactures and sells auto body components and transmission parts in Japan and internationally.

Insource

Market Cap: JP¥79.5b

Provides various lecturer dispatch type training, open lecture, and other services in Japan.

Murakami

Market Cap: JP¥79.2b

Manufactures and sells rear-view mirrors in Japan.

Strike CompanyLimited

Market Cap: JP¥79.1b

Provides mergers and acquisitions brokerage services for small and medium-sized companies in Japan.

Intermestic

Market Cap: JP¥78.8b

Sells eyeglasses and sunglasses through stores and online in Japan.

GREE Holdings

Market Cap: JP¥78.6b

Engages in game and Metaverse businesses.

Ryobi

Market Cap: JP¥77.7b

Operates as a die casting manufacturer in Japan, the United States, China, and internationally.

M&A Research Institute Holdings

Market Cap: JP¥77.3b

Engages in the mergers and acquisitions (M&A) intermediary activities in Japan.

Mitsubishi Research Institute

Market Cap: JP¥76.9b

Provides research, consulting, and ICT solution to public and private sectors in Japan.

Okinawa Financial Group

Market Cap: JP¥75.8b

Provides various financial services.

S&B Foods

Market Cap: JP¥75.4b

Engages in the manufacture and sale of spices and herbs, instant foods, spicy seasonings, and other products primarily in Japan.

Nachi-Fujikoshi

Market Cap: JP¥75.1b

Operates as a machinery manufacturer in Japan, rest of Asia, China, the Americas, and Europe.

TOKAI

Market Cap: JP¥74.8b

Provides various healthy life services in Japan.

Vertex

Market Cap: JP¥74.8b

Manufactures and sells concrete secondary products in Japan.

TPR

Market Cap: JP¥74.2b

Engages in the development and sale of engine components worldwide.

One REIT

Market Cap: JP¥73.6b

One REIT has Mizuho REIT Management Co., Ltd.

Restar

Market Cap: JP¥73.4b

Engages in electronics trading business in Japan and internationally.

Miyazaki Bank

Market Cap: JP¥72.7b

Offers various banking products and services primarily in Japan.

Computer Engineering & Consulting

Market Cap: JP¥72.6b

Engages in digital industry and system integration businesses in Japan.

Espec

Market Cap: JP¥72.3b

Manufactures and sells environmental test chambers worldwide.