Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

Stock Prices Driven by Expectations Require Support from Actual Corporate Performance

Criticism of Shareholder Proposals from Activist Investors Is a Comforting Word for Management

The Valuation Criteria for Stocks Remain Unchanged, but Polarization Continues to Advance

Both Bond Investors and Stock Investors Are Focused on Future Cash Flows that a Company Will Produce

What Is More Important in Promoting "Effective Investor Relations"?

Do Managers Who Give Small Amounts of Shareholder Return to Have Other Objectives?

How Long Can a Model Where Profit Is Helped by Low Growth in Labor Cost and Depreciation Continue?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>For investors targeting large-cap companies, improvements in ROE and P/B are almost expected. However, for the majority of smaller-cap companies, such improvements have not yet reached a visible level.</li>
<li>Lately, while P/B of companies with low market capitalization is rising, ROE growth remains sluggish. If ROE remains slow, support from BoJ's continued monetary easing policy must play significant role.</li>
<li>It is unreasonable to expect investors to take an interest solely through IR outreach without providing evidence that signals change within the company or convinces investors that change is imminent.</li>
</ul>


For investors targeting large-cap companies, improvements in ROE and P/B are almost expected. However, for the majority of smaller-cap companies, such improvements have not yet reached a visible level.
Lately, while P/B of companies with low market capitalization is rising, ROE growth remains sluggish. If ROE remains slow, support from BoJ's continued monetary easing policy must play significant role.
It is unreasonable to expect investors to take an interest solely through IR outreach without providing evidence that signals change within the company or convinces investors that change is imminent.


Is TSE List Effective? Companies Need to Demonstrate Momentum in Raising Their Capital Profitability

TSE Tokyo Price Index TOPIX

Is TSE List Effective? Companies Need to Demonstrate Momentum in Raising Their Capital Profitability