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.

"Stable Dividend" Tradition May Have Something to Do with Rewarding Cross-Held Shareholders

Companies with High ROA Have High Potential for Corporate Governance and Further ROA Improvement

Concrete Measures to Raise ROA Are Needed to Achieve Medium-Term Stock Price Outperformance

High Cost of TOPIX, Which Currently Contains Illiquid Stocks, Is Considered to Be Borne by Users

Is TSE Being Too Strict with the Honor Students and Too Lenient with the Underdogs?

Again, It Is the BOJ's ETF Issue that Makes Us Think

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>This fiscal year, total dividends paid haven't increased compared to recovering total net profit. Consequently, the dividend payout ratio has fallen to the low 30% level, normal level for FY2020.</li>
<li>The correlations of market capitalization to net profit and to dividends paid both declined from those of the past 10 years, indicating lack of confidence in profits in year ahead.</li>
<li>Simply raising the dividend has limited effect on stock price increases. Given that the dividend payout ratio has declined, companies are required to explain how they are using their cash.</li>
</ul>


This fiscal year, total dividends paid haven't increased compared to recovering total net profit. Consequently, the dividend payout ratio has fallen to the low 30% level, normal level for FY2020.
The correlations of market capitalization to net profit and to dividends paid both declined from those of the past 10 years, indicating lack of confidence in profits in year ahead.
Simply raising the dividend has limited effect on stock price increases. Given that the dividend payout ratio has declined, companies are required to explain how they are using their cash.


More Effective for a Company to Show Background when It Raises Its Dividend Outlook

TSE Tokyo Price Index TOPIX

More Effective for a Company to Show Background when It Raises Its Dividend Outlook