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.

Japan's Governance: Parent-Subsidiary Listing and Hitachi Construction Machinery (6305): Update

Japan's Governance: Growth Policy and Corporate Governance of Terumo Corporation (4543)

Japan's Governance: Parent-Subsidiary Listing Dissolution and ROIC

Japan's Governance: Parent-Subsidiary Listing and Review of ENEOS Holdings Subsidiary Strategy

Japan's Governance: Parent-Subsidiary Listing: Parent, Arcland Sakamoto Choosing a Different Path

Japan's Governance: Parent Subsidiary Listing Investment Strategy Update

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<p>The decision to take NIPPO private is a rather elaborate one, as ENEOS Holdings is currently restructuring its business and, in line with its medium-term management plan, is selling off assets while accelerating investment in the growth areas of renewable energy and new materials, which it sees as growth drivers. The fact that ENEOS Holdings is not directly TOBing NIPPO, but rather TOBing it through SPC, is presumably a strategy to buy money and time. Rather than investing a large amount of money directly in the TOB to fund investments in the growth areas of renewable energy and new materials, the difference between the sale of NIPPO shares and the investment in the SPC can be used to fund investments in the growth areas mentioned above. In the future when the growth areas are on track (since the growth of the domestic road paving business itself is slowing down), we speculate that there is a possibility of selling NIPPO.</p>

The decision to take NIPPO private is a rather elaborate one, as ENEOS Holdings is currently restructuring its business and, in line with its medium-term management plan, is selling off assets while accelerating investment in the growth areas of renewable energy and new materials, which it sees as growth drivers. The fact that ENEOS Holdings is not directly TOBing NIPPO, but rather TOBing it through SPC, is presumably a strategy to buy money and time. Rather than investing a large amount of money directly in the TOB to fund investments in the growth areas of renewable energy and new materials, the difference between the sale of NIPPO shares and the investment in the SPC can be used to fund investments in the growth areas mentioned above. In the future when the growth areas are on track (since the growth of the domestic road paving business itself is slowing down), we speculate that there is a possibility of selling NIPPO.

Japan's Governance: Parent-Subsidiary Listing and ENEOS, Toho Titanium, Hitachi Construction Update

Nippo Corp

Japan's Governance: Parent-Subsidiary Listing and ENEOS, Toho Titanium, Hitachi Construction Update