A seminar on how to identify undervalued Japanese stocks was held on 25 June 2026, jointly hosted by five online securities firms, asset management companies and the Tokyo Stock Exchange, with talks by Emin Yurumazu and others.
The seminar was held on 25 June 2026. Speakers included Emin Yurumazu, Wakatsuki Manabu (若槻学), Anzai Shingo (安西慎吾), Hena Kazuhiro (部奈和洋) and Yamaguchi, while Kuniyama Hasen (国山ハセン) served as moderator. The seminar also announced that an archived video would be made available.
The first session focused on the environment for Japanese stocks and the outlook ahead. Discussions covered the importance of ROE, the impact of cash holdings, stronger shareholder returns and the challenges of deploying cash during the transition from deflation to inflation. It was noted that returning cash to shareholders could reduce the denominator in ROE and create investment opportunities, while the Stewardship Code and tax reforms were explained as policy support measures.
Regarding reforms at the TSE, the seminar introduced developments including the reorganisation of the market segments, the promotion of management conscious of the cost of capital, expanded disclosure requirements for companies listed on the Prime Market and the start of reforms to the Growth Market. Progress in improvements was reported while comparing ROE and PBR levels with those in Japan and overseas.
The second session took a practical look at how to select value stocks and make investment decisions. It covered the relationship between ROE and PBR, the use of catalysts, the timing of assessments when financial results are announced, the difficulty of timing trades and long-term holding strategies. Policy changes, management commitment and improvements in capital efficiency were cited as examples of internal and external catalysts, and the participants shared the view that investment decisions should place importance on the strength of the underlying story.