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.

Investors Are Less Interested in Companies that Generate Little Cash Despite Shareholder Returns

Japanese Companies Aren't Good at Adjusting Course or Withdrawing in Line with Environmental Changes

Companies Still Prioritize Compliance with the TSE over Consideration for Shareholders Interest

Isn't the Market Impatient for the Companies to Implement Management Reforms?

Declining Number of Shares Has Just Begun, but Valuations Need to Rise for Market Cap to Grow

The Main Battlefield for Dissolution of Parent-Subsidiary Listings Will Shift to Standard Market

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>P/B was highly correlated with P/E, so it'll be effective for individual companies to announce/implement measures to increase EPS or profits in order to attract the attention of overseas investors.</li>
<li>From April 2022 to June 2025, overseas investors have been focusing on companies with significant potential for shareholder returns, as the TOPIX has the highest correlation with BPS.</li>
<li>The recent rise in stock prices may be due to expectations for increased shareholder returns rather than growth expectations, as EPS and BPS have risen while P/B and P/E haven't.</li>
</ul>


P/B was highly correlated with P/E, so it'll be effective for individual companies to announce/implement measures to increase EPS or profits in order to attract the attention of overseas investors.
From April 2022 to June 2025, overseas investors have been focusing on companies with significant potential for shareholder returns, as the TOPIX has the highest correlation with BPS.
The recent rise in stock prices may be due to expectations for increased shareholder returns rather than growth expectations, as EPS and BPS have risen while P/B and P/E haven't.


Recent Stock Price Rise May Be Due to Expectation for Greater Shareholder Returns Rather than Growth

TSE Tokyo Price Index TOPIX

Recent Stock Price Rise May Be Due to Expectation for Greater Shareholder Returns Rather than Growth