I don’t have time to go into details at the moment, but I suggest taking a look at Sega Sammy (SGAMY.PK) (JP:6460). It has a P/E ratio right around 10x, P/B is less than 2, dividend yield is about 3%, and foreign investment funds seem to be eyeing and buying (ex. Capital Research Mgmt. filed an increase in ownership to 10.3%, from 8.1% in late March).

Shares of Sega were recently bought on news of developing a game (based on its sole license to provide interactive software for the Beijing ‘08 Olympics) with Nintendo (NTDOY.PK) (JP: 7974): Mario & Sonic at the Beijing Olympics. Before the announcement in late March, it was trading at a 52-wk low around 2,505 - 2,580. Its high since then is 2,775. We suggest building a position, between these recent trading ranges and lows.

Disclosure: I am a long-term shareholder of Sega and intend to add to my position as appropriate. I am advising clients to buy/add.