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2024 Japan Exchange Group, Inc., and/or its affiliates September 27, 2024 Tokyo Stock Exchange Listing Department Revision of the List of Companies That Have Disclosed Information Regarding “Action to Implement Management That Is Conscious of Cost of Capital and Stock Price” 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates The List of Companies That Have Disclosed Information Regarding“Action to Implement Management That Is Conscious of Cost of Capital and Stock Price”will be revised in the following three ways in order to better support listed companies that are proactively working to implement said management. Revision of the List of Companies That Have Disclosed Information (Reference) The Look of the New Format Please note that the layout of the list is subject to change. (3) Set a Time Limit for“Under (3) Set a Time Limit for“Under Consideration”Status and Require Companies“Under Consideration”to...
2024 Japan Exchange Group, Inc., and/or its affiliates November 21, 2024 First Edition Tokyo Stock Exchange, Inc. Cases Where Companies Are Not Aligned With Investors’Perspectives Document 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Index Introduction ・・・・・・・・・・・・・・・・・・・・・・・・Page 4 Level 1 (Insufficient analysis of the current situation and consideration of measures)・・・・・・・・・・・・・・・・・・・・・・・・・・Page 6 1. Analysis and evaluation of the current situation is only superficial 2. Disclosures are just a list of initiatives 3. Requests for dialogue are denied without legitimate reason Level 2 (Analysis of the current situation and measures are not up to investors’ standards) ・・・・・・・・・・・・・・・・・・・・・・・・・・Page 10 1. Misalignments in companies’evaluation of their current situation 2. Insufficient consideration given to ideal balance sheets and capital allocation policies 3. Target setting is not in line with investors’perspectives 4. Analysis of issues and consideration of additional responses are not considered flexibly Level 3 (Further improvements are ...
2024 Japan Exchange Group, Inc., and/or its affiliates February 1, 2024 First edition November 21, 2024 2nd edition Tokyo Stock Exchange, Inc. Key Points Considering The Investor’s Point of View This document is intended to be a reference for listed companies that are considering Action to Implement Management That is Conscious of Cost of Capital and Stock Price, and also to help listed companies that have already disclosed information related to these efforts update their information in the future. This report is based on interviews with many investors in Japan and overseas, and includes a summary of the key points of initiatives that investors expect from companies, examples of initiatives that investors deemed as fulfilling these expectations. Note: The examples in this material are provided solely for informational purposes as a reference for listed companies that are considering management that is conscious of cost of capital and stock ...
2024 Japan Exchange Group, Inc., and/or its affiliates This document is intended as a reference for listed companies that are considering taking action to implement management that is conscious of cost of capital and stock price, and also as a reference for future updates for listed companies that have already made disclosures. This report is based on interviews with many investors in Japan and overseas, and compiles examples of Prime Market-listed companies’measures investors deemed as fulfilling the expectations they have for corporations. Note 1: Since the first edition was published in February 2024, new points and examples have been added based on recent feedback from investors, among others. Note 2: The examples in this document are provided solely for informational purposes as a reference for listed companies that are considering action to implement management that is conscious of cost of capital and stock price, and are not ...
2024 Japan Exchange Group, Inc., and/or its affiliates Case Studies (Standard Market) Document 5 February 1, 2024 First edition November 21, 2024 2nd edition Tokyo Stock Exchange, Inc. This document is intended as a reference for listed companies that are considering taking action to implement management that is conscious of cost of capital and stock price, and also as a reference for future updates for listed companies that have already made disclosures. This report is based on interviews with many investors in Japan and overseas, and compiles examples of Standard Market-listed companies’measures investors deemed as fulfilling the expectations they have for corporations. Note 1: Since the first edition was published in February 2024, new points and examples have been added based on recent feedback from investors, among others. Note 2: The examples in this document are provided solely for informational purposes as a reference for listed companies ...
1 ©2024 Japan Exchange Group, Inc., and/or its affiliates (Ref.) Stock Prices After the Request (Prime) Under consideration: +14.03% (n = 124) Not disclosed: +13.99% (n = 197) Disclosed: +27.89% (n = 1310) Included in Case Studies: +49.95% (n = 43) (Estimations of stock price trends for each category (equal weightings) where prices as of 2023/3/31 are converted to 100. Disclosure status is as of 2024/9/30) 90 100 110 120 130 140 150 160 Document 6 2 ©2024 Japan Exchange Group, Inc., and/or its affiliates Under consideration: +16.48% (n = 211) Not disclosed: +9.89% (n = 842) Disclosed: +21.09% (n = 510) Included in Case Studies: +81.52% (n = 13) 90 100 110 120 130 140 150 160 170 180 190 200 (Ref.) Stock Prices After the Request (Standard) (Estimations of stock price trends for each category (equal weightings) where prices as of 2023/...
2023 Japan Exchange Group, Inc., and/or its affiliates October 26, 2023 Tokyo Stock Exchange, Inc. TSE to Publish a List of Companies That Have Disclosed Information Regarding“Action to Implement Management That Is Conscious of Cost of Capital and Stock Price” 2 ©2023 Japan Exchange Group, Inc., and/or its affiliates Future Initiatives Related to“Action to Implement Management That Is Conscious of Cost of Capital and Stock Price” Publish a list of companies that have disclosed information in accordance with the request to inform investors of who is taking action, thereby encouraging companies to make a proactive effort (to be started on January 15, 2024 and updated monthly) . Before publication, listed companies will be reminded of the purpose of the request and points to keep in mind, as well as the fact that the list is to be published (notified to listed companies on October 26, ...
2023 Tokyo Stock Exchange, Inc. Exchange & beyond Action to Implement Management that is Conscious of Cost of Capital and Stock Price March 31, 2023 Document 1 Tokyo Stock Exchange, Inc. ©2023 Tokyo Stock Exchange, Inc. 1 Background and Purpose In Japan’s Corporate Governance Code (Principle 5.2), management with consciousness of cost of capital is mentioned from the perspective that the allocation of resources with sufficient consideration of cost of capital and profitability is important for companies to meet the expectations of investors and other stakeholders and to achieve sustainable growth and enhancement of corporate value over the mid- to long-term. However, approximately half of the listed companies on the Prime Market and 60% in the Standard Market have ROE below 8%and P/B ratios below 1, indicating that there are issues in terms of profitability and growth potential. In response to this, the Council ...
Jan. 2020 (Reference Translation) TSE NOTICE Feb. 20, 2020（Thu.) [Attachment] Changes in Number of Listed Shares, etc. in Connection with Exercise of Subscription Warrants, etc. (Relevant Period Jan. 01, 2020 - Jan. 31, 2020) (Note) 1. No. of Listed Shares at End of Month No. of listed shares for Common Stock, Preferred Stock, etc. (*Code 2593-5 is Type-1 Preferred Stock of ITO EN, LTD.) When exercising Subscription Warrants in cases where treasury stocks will be transferred, the number of listed shares may not increase even after decreasing the residual amount of bonds, etc. After acquiring CBs subject to call in cases where retirement has not been conducted, the number of listed shares may increase without a decrease in the residual amount of bonds. 2. Primary Reasons for Changes Exercise of Bonds with Subscription Warrants…Due to Exercise of Bonds with Subscription Warrants Conversion of Preferred Stock, etc.…Due ...
Oct. 2020 - 1 - (Reference Translation) TSE NOTICE Nov. 20, 2020（Fri.) [Attachment] Changes in Number of Listed Shares, etc. in Connection with Exercise of Subscription Warrants, etc. (Relevant Period Oct. 01, 2020 - Oct. 31, 2020) (Note) 1. No. of Listed Shares at End of Month No. of listed shares for Common Stock, Preferred Stock, etc. (*Code 2593-5 is Type-1 Preferred Stock of ITO EN, LTD.) When exercising Subscription Warrants in cases where treasury stocks will be transferred, the number of listed shares may not increase even after decreasing the residual amount of bonds, etc. After acquiring CBs subject to call in cases where retirement has not been conducted, the number of listed shares may increase without a decrease in the residual amount of bonds. Altered number of shares of Nuts Inc.（Code 7612）is the number of listed shares as of the end of August. 2. Primary Reasons ...