JAPAN WEEKLY KICKSTART: Refreshing Low AGM Approval screen and Unrealized RE Gains screen

Research evidence excerpt

JAPAN WEEKLY KICKSTART: Refreshing Low AGM Approval screen and Unrealized RE Gains screen

Portfolio Strategy Research

10 July 2026 | 7:35PM JST

JAPAN WEEKLY KICKSTART

Refreshing Low AGM Approval screen and Unrealized RE Gains screen

Summary of the week Bruce Kirk, CFA +81(3)4587-9950 | bruce.kirk@gs.com

TOPIX: 4,036.08 (-0.7%) / NK225: 68,557.73 (-1.7%) Goldman Sachs Japan Co., Ltd.

Julius Chan

n Top sectors: Securities, Mining +81(3)4587-1789 | julius.chan@gs.com Goldman Sachs Japan Co., Ltd.

n Bottom sectors: Glass & Ceramics, Non-Ferrous Metals

In this week’s Japan Weekly Kickstart, we focus on the refreshing our Low AGM

Approval Ratings screen, as well as our Unrealized RE Gains screen. Both of these

have received a lot of interest from investors since we first introduced them in 2024.

The performance of equal-weighted indices of both screens is shown in Exhibit 2,

with the Low Approval Ratings index being the better performer, gaining +50% over

the last 12 months.

n Low AGM Approval screen refresh: We refresh our Low AGM approval Ratings

screen, which includes liquid companies (6M ADTV > $10m) which are in the

bottom 10% of approval ratings in the latest 2026 AGM season (Exhibit 4). The

bottom decile range in CY2026 is from 81% down to 56%, versus 82% to 62% for

CY2025 (LINK).

n Unrealized RE gains screen refresh: We also refresh our Unrealized RE Gains

screen, which includes liquid companies (6M ADTV > $10m) which have

unrealized RE gains > 5% of their mkt cap. As can be seen in Exhibit 3, since our

last update of this screen (LINK), the number of liquid companies with unrealized

RE gains >5% of mcap increased from 46 to 56 (1 removal, 11 additions).

n Kabunushi yuutai update: In Unequal equities - How do stocks with shareholder