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Capital allocation and plan progress
Whether a foreign reader can judge how capital is used: the previous plan against results, cross-shareholdings, and the integrated report. Based on the 128 companies reviewed on all 34 questions.
S7 Progress against the previous plan, including misses, explained in English
Distribution (128 companies): 5: 46 · 4: 35 · 3: 21 · 2: 4 · 0: 22
At the top score (5): 46 companies — AGC Inc., AMADA CO., LTD., Casio Computer, Daifuku, ESPEC CORP., FUJI CORPORATION, Fuji Electric Co., Ltd., Hirata Corporation, IBIDEN CO., LTD., JTEKT Corporation, Kaga Electronics Co., Ltd., Kissei Pharmaceutical Co., Ltd. and 34 more (full list by question)
Companies at the top score today
- Nippon Kayaku Co., Ltd. (4272) One slide sets the finished plan's targets against actuals, with a plain verdict: sales and ROE met, operating income short. Source · checked 2026-10-19
- Santen Pharmaceutical Co., Ltd. (4536) The new plan opens with a review of the previous plan's targets against outcomes, and the reforms behind them. Source · checked 2026-10-19
- ESPEC CORP. (6859) A 'Targets and Results' slide sets the previous plan against actuals, followed by a 'Results and Challenges' explanation. Source · checked 2026-10-19
G7 Cross-shareholdings in English with reduction schedule and rationale
Distribution (128 companies): 5: 19 · 4: 5 · 3: 41 · 2: 27 · 1: 1 · 0: 35
At the top score (5): 19 companies — Dexerials Corporation, EBARA CORPORATION, FUJI CORPORATION, Fuji Media Holdings, Hirose Electric Co., Ltd., IBIDEN CO., LTD., JTEKT Corporation, Kanto Denka Kogyo Co., Ltd., KOKUSAI ELECTRIC CORPORATION, Nippon Chemical Industrial Co., Ltd., Nippon Kayaku Co., Ltd., NSK Ltd. and 7 more (full list by question)
Companies at the top score today
- IBIDEN CO., LTD. (4062) A dated, board-approved English notice: cut cross-shareholdings by more than half by market value within the plan to FY2027, with the reason and what the cash will fund. Source · checked 2026-10-19
- TOCALO Co., Ltd. (3433) States plainly in the English CG Report that it held no cross-shareholdings at March 2026 and will not hold any as a rule. Source · checked 2026-10-19
The fix
In English: holdings (count and amount), a target and schedule, progress, and the rationale for each remaining holding class. A company that holds none scores 5 by saying so.
S6 Integrated or annual report available in English
Distribution (128 companies): 5: 30 · 4: 63 · 3: 3 · 0: 32
At the top score (5): 30 companies — AGC Inc., Azbil Corporation, Daifuku, DMG MORI CO., LTD., EBARA CORPORATION, Fuji Electric Co., Ltd., JUKI, KITZ Corporation, Kurita Water Industries Ltd., Macnica Holdings, Inc., Mitsui Kinzoku Company, Limited, Nabtesco and 18 more (full list by question)
Companies at the top score today
- Tokuyama Corporation (4043) The 2026 integrated report in English, 70 pages, as one file and chapter by chapter. Source · checked 2026-10-19
- Mitsui Kinzoku Company, Limited (5706) Integrated Report 2026 in English for the year to March 2026, published at the end of September. Source · checked 2026-10-19
- Yaskawa Electric Corporation (6506) YASKAWA Report 2026 in English (68 pages), out in September for a February year-end. Source · checked 2026-10-19
Capital-policy research
How individual capital actions (buybacks, disposals, acquisitions) were explained is in Capital actions: announcement to outcome, and balance-sheet readings in Capital use. Both cover selected actions and companies, not a company-wide rating.
Questions shareholders ask at the AGM
- 01 Excess capital and capital efficiency "Aren't you holding too much equity and cash?" Answered with the cost of equity, a target capital structure and a cash allocation.
- 02 Price-to-book below 1 and the cost of capital "When and how will you earn more than your cost of capital?" Comparing what companies actually disclose in response to the TSE's request.
- 03 Unwinding cross-shareholdings "Why keep them, and how far will you cut them, by when?" Balances, targets, deadlines and annual reviews.
- 04 Shareholder returns: who decides the dividend "Let the AGM decide dividends too." Proposals about the mechanism, not the amount, are the ones that win support.
- 10 The economics of M&A and disposals "What are you paying, what will you earn back over how many years, and at what price do you walk away?"
- 11 Real estate and other non-core assets "At market value, what does your capital efficiency look like, and why keep these assets?"