From among TOPIX500 constituents, we excluded financial stocks and screened for companies with negative net debt in the most recent fiscal year, selecting the stocks with the highest company-forecast dividend yields within their respective industries. The stocks attracting attention are MABUCHI MOTOR CO.,LTD. and NEXON.
The article explains that investors should also focus on a company's financial foundation and sources of earnings when assessing dividend yields. It screened TOPIX500 constituents by excluding banks, insurers, securities companies and other financial institutions, then selected companies with negative net debt in the most recent fiscal year and the highest dividend yields within their respective industries.
One of the stocks attracting attention is MABUCHI MOTOR CO.,LTD. (6592). In the first half, sales rose 12.1% year on year and operating profit rose 8.5%, while the company raised its full-year dividend forecast from ¥56 to ¥70. It indicated a policy of using a DOE of 3-5% as a guideline, with a DOE of 5% as the standard when ROE is below 10% or PBR is below 1x.
The other stock attracting attention is NEXON, whose forecast dividend yield stands out at 18.0%. Of its full-year dividend forecast of ¥475 for the current fiscal year, ¥415 is a special dividend. As of the end of June 2026, cash stood at ¥842 billion, and the company has decided to pay a special dividend of ¥324 billion.
The regular dividend yield excluding the special dividend is estimated at approximately 2.3%. NEXON, however, plans to continue improving capital efficiency by using excess financial resources and has indicated that it intends to return a certain percentage of the previous fiscal year's operating profit.