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.

Is the High Volatility of Japanese Equities Only Due to Their Small Market Capitalization?

Will the Timing of the BOJ ETF Exit Be Revealed in December?

There Are Still Very Many Companies with High Cash on Hand Relative to Sales

Management Mindset of Believing that Company Growth Is Not the Main Objective Is Hindering Growth

Shareholder Activism Plays a Significant Role in Companies that Are Slow to Change

Market Shakeout Should Come with Business Portfolio Restructuring Especially for Small-Cap Companies

The Situation Is Different for REITs that Rely on Capital Increase, Despite the Same Low P/B Issue

In Order to Avoid Scandals in the Future, Management Must Take Leadership in Changing Mindsets

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Operating income and depreciation, the components of operating cash flow, have been sluggish. This has undeniably dampened expectations for expanding corporate value.</li>
<li>Many companies have begun to be aware of cash flow, but have yet to see results. They are at the stage of producing results by selecting business to invest cash.</li>
<li>In terms of “not being conscious of cash flow,” shareholder returns are still strongly net income oriented and not cash flow oriented.</li>
</ul>


Operating income and depreciation, the components of operating cash flow, have been sluggish. This has undeniably dampened expectations for expanding corporate value.
Many companies have begun to be aware of cash flow, but have yet to see results. They are at the stage of producing results by selecting business to invest cash.
In terms of “not being conscious of cash flow,” shareholder returns are still strongly net income oriented and not cash flow oriented.


Companies Have Begun to Be Aware of Cash Flow, but the Reality Is that It Doesn't Produce Results

TSE Tokyo Price Index TOPIX

Companies Have Begun to Be Aware of Cash Flow, but the Reality Is that It Doesn't Produce Results