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.

Golden Egg Was Not Lost, but How Long Can Keisei Electric Railway Buy Time?

Keisei Electric Railway's Problems Are Part of a Cross-Shareholding Dissolution Process

Keisei Electric Rail (9009): For Relative Value Trade

MBOs Would Open the Door to Investment for Companies that Weren’t Invested for Fear Of "Value Trap"

Meaningful If "P/B Below 1x" Is a Change of Mindset that Makes Managers Decide to Take an MBO

Cash Generation from the Sale of Subsidiary Shares Is the Default, but the Issue Remains Postponed

Valuations Will Rise when the Management Changes To "Maximizing Shareholder Interest"

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>In the long run, making Oriental Land, which is more profitable, a consolidated subsidiary through TOB would contribute to expanding Keisei's corporate value.</li>
<li>Keisei's foreign shareholder ratio is 27.4%. It seems premature for the rotating president to change at once the company's tradition of maintaining 40-year relationship with Oriental Land as an affiliate.</li>
<li>Keisei should explain how it will develop its relationship with affiliate to increase corporate value, and what its business strategy would be if it were to sell its shareholding instead.</li>
</ul>


In the long run, making Oriental Land, which is more profitable, a consolidated subsidiary through TOB would contribute to expanding Keisei's corporate value.
Keisei's foreign shareholder ratio is 27.4%. It seems premature for the rotating president to change at once the company's tradition of maintaining 40-year relationship with Oriental Land as an affiliate.
Keisei should explain how it will develop its relationship with affiliate to increase corporate value, and what its business strategy would be if it were to sell its shareholding instead.


The Goose that Takes Out the Golden Egg Dies. Manager Should Explain How the Goose Can Grow Bigger

Keisei Electric Railway Co

The Goose that Takes Out the Golden Egg Dies. Manager Should Explain How the Goose Can Grow Bigger