Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

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.

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

<ul>
<li>It's unlikely that the transition to ‘company with audit committee’ will enhance the supervisory function, but it's likely to speed up the decision-making process by delegating authority to executive directors.</li>
<li>Instead of achieving 30% female board member and moving to Company with US-type 3 Committees at once, Toyota will implement Toyota's way firmly with BOD that is half independent directors.</li>
<li>The only way for Toyota, which faces several governance challenges, to uphold tradition of Toyoda family being at the top of management is to make the returns expected by investors.</li>
</ul>


It's unlikely that the transition to ‘company with audit committee’ will enhance the supervisory function, but it's likely to speed up the decision-making process by delegating authority to executive directors.
Instead of achieving 30% female board member and moving to Company with US-type 3 Committees at once, Toyota will implement Toyota's way firmly with BOD that is half independent directors.
The only way for Toyota, which faces several governance challenges, to uphold tradition of Toyoda family being at the top of management is to make the returns expected by investors.


The Toyota Way Is Not to Rush, but to Gain a Foothold and Proceed with Caution

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, deep purple, to rusty red. The iron itself is usually found in the form of magnetite (Fe3O4, 72.4% Fe), hematite (Fe2O3, 69.9% Fe), goethite (FeO(OH), 62.9% Fe), limonite (FeO(OH).n(H2O)) or siderite (FeCO3, 48.2% Fe).

<ul>
<li>SGX IO Futures rose $2.25/ton over the week, closing at $102.25/ton, buoyed by seasonal steel demand and technical support above 9D and 21D DMAs.</li>
<li>Implied volatility in iron ore options fell sharply YoY (ATM IV -36%, 10-delta puts -41%), making long volatility positions more affordable.</li>
<li>Futures and options open interest rose 6.85% WoW, with Financial Institutions increasing net long positions, reinforcing bullish positioning.</li>
</ul>


SGX IO Futures rose $2.25/ton over the week, closing at $102.25/ton, buoyed by seasonal steel demand and technical support above 9D and 21D DMAs.
Implied volatility in iron ore options fell sharply YoY (ATM IV -36%, 10-delta puts -41%), making long volatility positions more affordable.
Futures and options open interest rose 6.85% WoW, with Financial Institutions increasing net long positions, reinforcing bullish positioning.


[IO Technicals Weekly 2025/13]: Bullish Momentum Builds as IV Eases

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

<ul>
<li>REITs, whose main players are regional banks that invest as a bond alternative, tend to stop their market decline when the spread with JGB yields approaches 400 basis points.</li>
<li>While there is certainly room for REITs to strengthen shareholder returns, the possibility that domestic investors may want stable dividends cannot be denied.</li>
<li>Other activist investors are watching with interest to see if the shareholder activism approach works in REITs as well, but the main battleground is still listed equities.</li>
</ul>


REITs, whose main players are regional banks that invest as a bond alternative, tend to stop their market decline when the spread with JGB yields approaches 400 basis points.
While there is certainly room for REITs to strengthen shareholder returns, the possibility that domestic investors may want stable dividends cannot be denied.
Other activist investors are watching with interest to see if the shareholder activism approach works in REITs as well, but the main battleground is still listed equities.


Aiming for REITs with Lower Downside Risk and Expectations of Higher Shareholder Returns?

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Cross Asset Strategy

<ul><li>Podcast delayed, markets rebounded last week, led by news of reduced impact of Trump's tariffs</li><li>Fed slowed pace of quantitative tightening, reducing pressure on treasury market liquidity</li><li>Bitcoin and gold prices fluctuate, Chinese stocks rebound, DAX up 20% year to date, US equities impacted by tariffs and job losses</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Podcast delayed, markets rebounded last week, led by news of reduced impact of Trump's tariffsFed slowed pace of quantitative tightening, reducing pressure on treasury market liquidityBitcoin and gold prices fluctuate, Chinese stocks rebound, DAX up 20% year to date, US equities impacted by tariffs and job lossesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Tariffs, Tapering, and Tectonic Shifts: Markets Brace for April | The New Barbarians #013

Indian Equities. Global Metals and Mining

Rahul Jain

Equity Bottom-Up

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

<ul>
<li>APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.</li>
<li>Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.</li>
<li>Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE &gt;25% provide confidence in growth execution.</li>
</ul>


APL Apollo has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE &gt;25% provide confidence in growth execution.


APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions

Smorgasbord of free to read Insights on Smartkarma