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.

The Key to Higher Valuations for Mid-To-Small Caps Is Management's Strong Will to Achieve Its Goals

What Lies Behind the Inability to Come up with Flexible Cash Usage Is

In TSE as a Whole, There Are Far More Companies Whose Traditional Issues Have Not Been Resolved

Shareholder Returns Will Increase over June AGM, but Will Companies Hold up with Sluggish ROE?

Drivers of Corporate Governance Improvement Are the Percentage of Foreign Shareholdings

Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis

TSE's "Request" Is a Catalyst for a Final Decision on the Foundation of Years of Engagement

Few Companies Have Started to Move Yet, but Can They Raise R & D Investment to Regain Pricing Power?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Most large companies initially estimate sales and profits conservatively, and CapEx, which is often planned more than a year in advance, isn’t often above plan.</li>
<li>Companies have a cautious earnings outlook, but the market consensus still expects profit growth in FY2024. CapEx growth in the BOJ Tankan is expected to be slightly higher than profits.</li>
<li>Assuming an 8.5% increase in CapEx for large manufacturing companies and a low single-digit growth in the recurring profit outlook, the level of cash on hand is unlikely to decrease.</li>
</ul>


Most large companies initially estimate sales and profits conservatively, and CapEx, which is often planned more than a year in advance, isn’t often above plan.
Companies have a cautious earnings outlook, but the market consensus still expects profit growth in FY2024. CapEx growth in the BOJ Tankan is expected to be slightly higher than profits.
Assuming an 8.5% increase in CapEx for large manufacturing companies and a low single-digit growth in the recurring profit outlook, the level of cash on hand is unlikely to decrease.


Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic

TSE Tokyo Price Index TOPIX

Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic