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.

Since This Revision Solely Seeks Substantive Enhancement, Achieving Effectiveness Will Be Difficult

Although It'll Take Time, There's No Need to Be Pessimistic if Management Reform Is Finally Underway

Accountability to Shareholders, Transparency, and Governance that Embraces Diverse Values Are Needed

What Kind of Companies Raised Their Stock Valuations After TSE's Request?

Company Initiatives Appear to Take Longer than a Year to Be Reflected in Stock Valuations

What Factors Have Raised Stock Valuations over the 2 Years and 8 Months Since the TSE's Request?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>In 2022, P/E declined due to 46% increase in EPS, so TOPIX rose steadily. This time, while EPS fell by 2% from November to February 2026, TOPIX rose by 17%.</li>
<li>Although ROE for the overall listed companies has not improved, ROE is expected to rise again this year due to increased shareholder returns, which boosted ROE by 0.8% previous year.</li>
<li>In addition to having ample capacity for shareholder returns, strengthening shareholder returns is essential given that explanations of cash allocation will become mandatory. High-dividend stocks are likely to continue outperformance.</li>
</ul>


In 2022, P/E declined due to 46% increase in EPS, so TOPIX rose steadily. This time, while EPS fell by 2% from November to February 2026, TOPIX rose by 17%.
Although ROE for the overall listed companies has not improved, ROE is expected to rise again this year due to increased shareholder returns, which boosted ROE by 0.8% previous year.
In addition to having ample capacity for shareholder returns, strengthening shareholder returns is essential given that explanations of cash allocation will become mandatory. High-dividend stocks are likely to continue outperformance.


Profit Growth Remains Insufficient, Ample Capacity for Shareholder Returns Is Now in Place

TSE Tokyo Price Index TOPIX

Profit Growth Remains Insufficient, Ample Capacity for Shareholder Returns Is Now in Place