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.

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

The Impact of the 2025 Revision of the Stewardship Code Is ...

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

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

Will TSE's Mock Engagement Measures Work?

“Parent-Subsidiary Listing” Heaven Continues to Provide Rich Investment Performance for Investors

In the Dissolution of the Parent-Subsidiary Listing, the Second Step Is Key for the Parent Company

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Repurchasing investment units, increasing dividends through property sales, and increasing EPS through negative goodwill of M&amp;A seem to be the share price raising measures necessary for capital increase for growth.</li>
<li>When increasing capital amid stagnated REIT stock prices, it's questionable whether the picture that is drawn after capital increase is reasonable in the face of rising required returns by investors.</li>
<li>When the profitability of REIT investment companies is in question, it is not surprising that activist investors will focus on management issues, including cost of capital or corporate governance.</li>
</ul>


Repurchasing investment units, increasing dividends through property sales, and increasing EPS through negative goodwill of M&amp;A seem to be the share price raising measures necessary for capital increase for growth.
When increasing capital amid stagnated REIT stock prices, it's questionable whether the picture that is drawn after capital increase is reasonable in the face of rising required returns by investors.
When the profitability of REIT investment companies is in question, it is not surprising that activist investors will focus on management issues, including cost of capital or corporate governance.


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

TSE Tokyo Price Index TOPIX

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