Same story all the way down: earnings yield vs bonds is the whole book, 10 of 10. Not a momentum call, not growth — relative value. Model is leaning hard on cheap vs rates.

Konica Minolta, Inc. ($4902.T) Industrials +14.3% conf 91 — top univ/sec. Earnings yield vs bonds +0.085, plus downside risk and illiquidity. The illiquidity tailwind is the sketchy part. The Kansai Electric Power Company, Incorporated ($9503.T) Utilities +13.4% conf 91 and Nomura Holdings, Inc. ($8604.T) Financials +13.2% conf 91. Both cheap vs bonds. Kansai has neg 12mo momentum + vol instability; Nomura has pos 6mo momentum + downside risk. Idemitsu Kosan Co.,Ltd. ($5019.T) Energy +13.2% conf 91, Sumitomo Pharma Co., Ltd. ($4506.T) Healthcare +12.0% conf 91, SoftBank Group Corp. ($9984.T) Communication Services +11.5% conf 91. All max earnings yield vs bonds. Idemitsu mixed momentum, Sumitomo illiquidity/downside, SoftBank biggest downside risk +0.0229 and neg 12mo momentum. Daiwa House Industry Co., Ltd. ($1925.T) Real Estate +11.0% conf 91 is the clean one: downside risk negative driver, 12mo momentum positive. Yamaha Motor Co., Ltd. ($7272.T) Consumer Cyclical +10.6% conf 91 and

Konica Minolta, Inc. ($4902.T) Industrials +14.3% conf 91 — top univ/sec. Earnings yield vs bonds +0.085, plus downside risk and illiquidity. The illiquidity tailwind is the sketchy part.