Corporate Governance Reform
6 companies
TSE PBR>1 push: 27% of Prime companies still below 1.0x (down from 50% in 2023). Record 56 activist campaigns in 2025 — more than all of Europe. ¥32T combined dividends + buybacks (record). Stewardship Code 3.0 released. April 2026 update: TSE now publishes per-company PBR-improvement comparison lists, increasing public pressure; ~90% of Prime members have disclosed reform plans. Buffett position in 5 sogo shosha now averages ~8.5% (cap pledged at 9.9%).
Recent Updates
Doubled theme breadth from 3 → 6 stocks. Added flagship sogo shosha 8058 (Mitsubishi Corp, ¥1T buyback nearly complete) + best-in-class ROE 8001 (Itochu, repeat buyback cadence) + Nomura peer 8601 (Daiwa Securities, leadership overhaul). All three pass the TSE PBR/ROE governance-reform screen.
Updated: 8058.T, 8001.T, 8601.T
Nomura (8604.T): FY2026 results solid (NI +6.3%, ROE 10.1%). April buyback tranche confirmed. Dividend trimmed ¥57→¥51. OCC trust bank application filed. Laser Digital losses ¥10B contained. HOLD HIGH conviction.
Updated: 8604.T
Evolved 5411.T (JFE Holdings): EXIT. Dividend cut trigger met. NP -23.6% FY2025. US tariffs + China dumping structural headwinds. Weight 3%→0%.
Updated: 5411.T
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Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Nomura Holdings, Inc. | 8604.T | HIGH | 9.78 | 9.94 | 1.06 | 10.1% | N/A (financial services) | 15.2x | 3.67% (¥51/share FY2026, trimmed from ¥57 — removed commemorative component) | N/A |
| TIS Inc. | 3626.T | MEDIUM | 15.1 | 15.3 | 2.21 | 14.9% | 12.6% | 54.0% | 2.3% | N/A |
| JFE Holdings, Inc. | 5411.T | EXIT | 10.5 | 4.9 | 0.41 | 3.1% | 2.9% | 120.0% | 4.9% | N/A |
| Mitsubishi Corporation | 8058.T | HIGH | 14.5 | 13 | 1.05 | 8.5% | 1.8% | 69.1% | 2.1% | N/A |
| ITOCHU Corporation | 8001.T | HIGH | 15 | 13.8 | 1.73 | 14.2% | 5.8% | 75.0% | 2.3% | N/A |
| Daiwa Securities Group Inc. | 8601.T | MEDIUM | 13.1 | — | 0.95 | 9.3% | N/A | 8.0x | 3.8% | N/A |
Companies
Nomura Holdings, Inc.
8604.THIGHCore
PBR maintained above 1.0x for second consecutive year — governance reform thesis holding. FY2026 full-year: NI ¥362.1B (+6.3%), ROE 10.1% (second year...
TIS Inc.
3626.TMEDIUMCore
Governance reform compounder with exceptional capital return: ¥50B buyback (8.8% of float, 70% executed) + 2.3% dividend = ~11% total shareholder retu...
JFE Holdings, Inc.
5411.TEXITEXIT
EXIT — Monitoring trigger hit: dividend cut from ¥100→¥80/share (FY2025). FY2025 results: Revenue ¥4,539.2B (-6.6%), Business Profit ¥135.3B (flat), N...
Mitsubishi Corporation
8058.THIGHCore
Flagship sogo shosha and the cleanest expression of the governance-reform thesis: a ¥1 trillion buyback authorisation (Apr 2025–Mar 2026) is being exe...
ITOCHU Corporation
8001.THIGHCore
Highest-quality sogo shosha by capital efficiency: ROE ~14.2% is the best in the cohort and well above the TSE 8% bar. Diversified non-resource portfo...
Daiwa Securities Group Inc.
8601.TMEDIUMCore
Direct mid-cap peer to Nomura with the same TSE PBR-1 reform tailwind but earlier in its self-help cycle. Completed a ¥50B buyback (46.6M shares) clea...