Model is putting its weight in one place: earnings yield vs bonds. Top driver in 10 of 10. That’s not a sector call — Industrials and Healthcare each have 2 names, Utilities 1. Book +8.0% to +14.0%, m

Konica Minolta, Inc. ($4902.T) and KANSAI ELECTRIC POWER CO INC ($9503.T) are the 100/100 names. +14.0% and +12.4%, conf 91. Same earnings-yield edge, different kickers: Konica has downside risk + 6m momentum; Kansai has 6m momentum + 6m alpha vs SPY. SoftBank Group Corp. ($9984.T), Yamaha Motor Co., Ltd. ($7272.T), Daiwa House Industry Co., Ltd. ($1925.T) all rank 98-99th+, sec 100%, conf 91. SoftBank: downside-risk lift, 12m momentum drag. Yamaha: 12m down, 6m up. Daiwa: downside risk down, 12m momentum up. Sumitomo Pharma Co., Ltd. ($4506.T), Tokuyama Corporation ($4043.T), Nomura Holdings, Inc. ($8604.T) all conf 91. Same earnings-yield driver, different risk: Sumitomo/Tokuyama add illiquidity; Nomura adds vol instability. Tokuyama’s yield edge is thinner. Japan Airlines Co., Ltd. ($9201.T) and Kyowa Kirin Co., Ltd. ($4151.T) close the list. JAL +8.1%, conf 90, downside risk down, 12m momentum up. Kyowa +8.0%, conf 86, lower for a reason: illiquidity + downside risk, sec rank only

Konica Minolta, Inc. ($4902.T) and KANSAI ELECTRIC POWER CO INC ($9503.T) are the 100/100 names. +14.0% and +12.4%, conf 91. Same earnings-yield edge, different kickers: Konica has downside risk + 6m