Some bets on Japan changing, PF moves

There might come some change in Japan with companies targeting higher P/B.

This is not investment advice. Please read the disclaimer. I might own discussed stock(s) currently or at a later time. I might transact in any securities at any time.

Reorganization of listing rules. P/B and ROE bemome more important, some firms might release strategies to improve P/B metrics if too low. https://www.man.com/maninstitute/this-time-is-different.
Many companies announce buybacks: ie: https://twitter.com/JapanDeepValue1/status/1651481712134856704.
ROE levels of Japanese companies: https://twitter.com/CacheThatCheque/status/1645351787728367616.

Portfolio moves: I think owning low P/B and low EV/Mcap with relatively high ROEs (ie adjusting for excess cash) might be the best way to play.
Selling Inpex (1605 JP) despite high earnings yield (5x P/E) low P/B (.5x) but how shall they increase P/B? And politics / government could have implemented that years ago as a stakeholder.
• they have a lot of debt (and rates might rise), trading with 1.6x EV/MCap.
• Also they have to ensure energy supply to the country (invest regardless of returns?)
• Rather low shareholder yield (5% DY + some BB?)
• Shareprice outperformed brent recently, relatively (helped by weak JPY)
• I made 50% profits from Sept’21 to Apr’23 in EUR (incl. 15% JPY depreciation vs EUR). This was probabaly not the best energy play, but a rather safe one to play.
Buying FJ Next (8935 JP) at similar DY and P/B but much lower EV/MCap (.4x) and small aboslute capitalization and some chance for buyout / take private based on similarity to Shinoken.
• Results come May 12th. We all miss Shinoken, or is it only me? There are a lot of Japanese companies resembling Shinoken at least partially. Even many more than listed here. I liked various respects of different companies but JF Next made it.
Buying Nippon TV (9404) at lower yield and presumably higher EV/Mcap (.7x) but P/B is closer to the truth with a lot of lt investments not shown in EV.
• Results come May 11th. The pdf on Nippon TV provides a little more detail. To make it clear, I do not know much about the company.