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.

Not Sure if Activist Investor's Agenda Will Be Approved, but JSF's Value May Be Higher than Expected

A Company Invested by an Activist Should Understand that It’s Not Fully Exploiting Its Potential

It's Not Who The Directors Come From, but Their Skills and Ability to Fulfill Their Fiduciary Duties

Not Which KPI Is Better, but What Is Shared Between Investors and Managers to Achieve the Same Goal

A Fundamental Discussion of the Nature of Policy Shareholdings Will Be Required

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

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

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>While it's natural for a rational investor to disagree with a company that cannot generate a return commensurate with the risk, the existence of cross-shareholdings in Japanese companies complicates matters.</li>
<li>The benefit of listing is raising capital on favorable terms by trading shares at a value greater than shareholders' equity, but there are not many Japanese companies trading at premium.</li>
<li>Going private is one option for companies that are unable to find growth investment opportunities and accumulate cash on their balance sheets. In this regard, Japanese equities are of interest.</li>
</ul>


While it's natural for a rational investor to disagree with a company that cannot generate a return commensurate with the risk, the existence of cross-shareholdings in Japanese companies complicates matters.
The benefit of listing is raising capital on favorable terms by trading shares at a value greater than shareholders' equity, but there are not many Japanese companies trading at premium.
Going private is one option for companies that are unable to find growth investment opportunities and accumulate cash on their balance sheets. In this regard, Japanese equities are of interest.


Going Private Is an Option for Both the Companies and Investors

TSE Tokyo Price Index TOPIX

Going Private Is an Option for Both the Companies and Investors