Japanese Undervalued over 20% based on DCF

A&D HOLON Holdings Company

Market Cap: JP¥79.6b

Provides measurement technologies and products.

Asanuma

Market Cap: JP¥79.5b

Operates as a general contractor in Japan and internationally.

Oiles

Market Cap: JP¥78.5b

Manufactures and sells bearings, structural equipment, and construction equipment in Japan and internationally.

SPARX Group

Market Cap: JP¥78.4b

A publicly owned asset management holding company.

Murakami

Market Cap: JP¥77.5b

Manufactures and sells rear-view mirrors in Japan, the Rest of Asia, North America, and internationally for automobile manufacturers.

TRE Holdings

Market Cap: JP¥77.3b

Through its subsidiaries, engages in the waste treatment and recycling businesses in Japan.

Iriso Electronics

Market Cap: JP¥75.9b

Develops, manufactures, and sells connectors in Japan, rest of Asia, Europe, and North America.

eREXLtd

Market Cap: JP¥74.3b

Engages in the electric power business in Japan and internationally.

Sodick

Market Cap: JP¥74.0b

Engages in the development, manufacture, and sale of numerical control electric discharge machines (EDMs) in Japan and internationally.

Sato

Market Cap: JP¥74.0b

Engages in providing automatic identification solution products in Japan and internationally.

Tomoe

Market Cap: JP¥74.0b

Operates in the general construction, steel structures construction, and real estate businesses in Japan.

Espec

Market Cap: JP¥72.6b

Manufactures and sells environmental test, energy device, and semiconductor-related equipment worldwide.

Tanseisha

Market Cap: JP¥71.8b

Engages in the research, planning, design, layout, production, construction, and operation of commercial, public, hospitality, event, and business and cultural spaces in Japan and internationally.

CURVES HOLDINGS

Market Cap: JP¥71.7b

Engages in the operation and management of fitness club for women under the Curves brand name in Japan and internationally.

Ryoden

Market Cap: JP¥71.4b

Sells factory automation (FA) systems, cooling and heating systems, information and communication technologies (ICT), building systems, smart-agri, green network, healthcare, and electronics businesses in Japan and internationally.

Moriya Transportation Engineering and ManufacturingLtd

Market Cap: JP¥71.0b

Moriya Transportation Engineering and Manufacturing Co.,Ltd.

Kintetsu Department Store

Market Cap: JP¥70.9b

Operates department stores in Japan.

gremsInc

Market Cap: JP¥68.1b

Engages in the energy solution and electricity retailing businesses in Japan.

Cawachi

Market Cap: JP¥67.7b

Manages drugstores in Japan.

Mammy Mart Holdings

Market Cap: JP¥67.3b

Operates a chain of supermarkets in Japan.

Ehime Bank

Market Cap: JP¥67.2b

Provides banking products and financial services in Japan.

Yashima Denki

Market Cap: JP¥66.9b

Engages in the plant, public/facilities, and transportation businesses in Japan and internationally.

Aichi Electric

Market Cap: JP¥66.4b

Engages in the manufacture and sale of electric power products in Japan and internationally.

Shinsho

Market Cap: JP¥63.4b

Imports, exports, and trades in iron and steel, ferrous raw material, nonferrous metal, machinery, information industry, and welding products worldwide.

Medley

Market Cap: JP¥62.5b

Operates platforms for recruitment and medical businesses in Japan and the United States.

Shofu

Market Cap: JP¥62.5b

Manufactures and sells dental materials and equipment worldwide.

Unipres

Market Cap: JP¥62.3b

Engages in manufacture and sale of automotive parts in Japan.

Saint Marc Holdings

Market Cap: JP¥62.3b

Through its subsidiaries, engages in the restaurant and cafe business in Japan.

Computer Engineering & Consulting

Market Cap: JP¥61.8b

Engages in digital industry and system integration businesses in Japan.

TRANSACTIONLtd

Market Cap: JP¥61.2b

Plans, designs, manufactures, and sells miscellaneous goods to companies and individuals in Japan and internationally.

Nissha

Market Cap: JP¥60.5b

Engages in industrial materials, devices, medical technologies, information and communication, and pharmaceutical and cosmetics businesses in Japan and internationally.

Base

Market Cap: JP¥59.9b

Engages in the computer software development and related work in Japan.

Cresco

Market Cap: JP¥58.5b

Engages in the provision of information technology (IT) services and digital solutions in Japan.

Soken Chemical & Engineering

Market Cap: JP¥58.3b

Manufactures and sells acrylic pressure-sensitive adhesives, functional polymers, organic fine particles, and adhesive tapes in Japan, China, and internationally.

Asia Pile Holdings

Market Cap: JP¥58.0b

Through its subsidiaries, engages in the foundation construction business in Japan and Vietnam.

DaikyoNishikawa

Market Cap: JP¥57.3b

Develops, manufactures, and sells automotive parts and synthetic plastic products in Japan.