Earnings yield vs bonds is the whole game: top driver in 10 of 10 names, median conf 87, book +17.8% to +29.7%. Sector is scattered — Consumer Cyclical 2, Industrials 1, Utilities 1 — so the model is

Konica Minolta ($4902.T) +29.7% conf 87 leads. KANSAI ELECTRIC POWER ($9503.T) +28.7% conf 87 and SoftBank Group ($9984.T) +23.7% conf 87 are right there. Same earnings-yield bid. Different secondaries: Konica adds downside risk + illiquidity; Kansai adds 6m momentum + 6m alpha; SoftBank has 12m momentum dragging. This is interesting. Daiwa House Industry ($1925.T) +23.0% conf 87, Yamaha Motor ($7272.T) +22.4% conf 87, Yokohama Rubber ($5101.T) +22.2% conf 86. Daiwa House gets 12m momentum. Yamaha has 6m momentum up, 12m down. Yokohama Rubber has downside-risk support and 12m momentum down. Watch the split. Sumitomo Pharma ($4506.T) +21.5% conf 87, Tokuyama ($4043.T) +20.8% conf 87, Tokio Marine ($8766.T) +20.4% conf 87. Sumitomo Pharma = illiquidity + weak 6m momentum. Tokuyama = downside risk + illiquidity. Tokio Marine = downside risk + 12m momentum. Cleaner setup. Tokyo Electron ($8035.T) +17.8% conf 87 is the laggard of the top 10. Same earnings-yield driver, plus downside risk an

Konica Minolta ($4902.T) +29.7% conf 87 leads. KANSAI ELECTRIC POWER ($9503.T) +28.7% conf 87 and SoftBank Group ($9984.T) +23.7% conf 87 are right there. Same earnings-yield bid. Different secondarie