Earnings yield vs bonds is the whole scan: 10 of 10 names. That is where the model is putting its weight. Book +18.2% to +30.5%, median conf 75. Vol normal, credit widening, curve steep. Sector concen

What changed

KANSAI ELECTRIC POWER CO INC ($9503.T) is the clean top rank: +30.5%, conf 75, univ 100%, sec 100%, earnings yield plus 6mo momentum and alpha. Idemitsu Kosan Co.,Ltd. ($5019.T) has the same earnings-yield kicker, but 12mo momentum is negative and 6mo momentum is carrying it. Konica Minolta, Inc. ($4902.T) is the quality momentum print: +27.6%, conf 75, 6mo momentum and 6mo alpha both up. Sumitomo Chemical Company, Limited ($4005.T) is earnings yield plus max drawdown, not pure momentum. Daiwa House Industry Co., Ltd. ($1925.T) pairs 12mo momentum with downside risk up, a defensive growth mix. Sumitomo Pharma Co., Ltd. ($4506.T) is the odd one: illiquidity and 60d volatility are in the stack, so +22.3% comes with a liquidity tax. Suzuki Motor Corporation ($7269.T) and Yamaha Motor Co., Ltd. ($7272.T) are the Consumer Cyclical pair, but the momentum prints split: Suzuki has 12mo momentum up with downside risk, Yamaha has 12mo momentum down and 6mo momentum up. MS&AD Insurance Group Hold

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