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Toyo Suisan Kaisha Ltd. (TSE:2875) topped the list. The company's pretax profit soared to a record in fiscal 2008, with return on invested capital (ROIC) coming to 10 per cent. But its stock price has tumbled 20.1 per cent since March 10. Mexico decided in March to discontinue some special tariff arrangements with the U.S. and investors grew wary of higher taxes on products shipped from Toyo Suisan's U.S. business to Mexico.
The ranking covers publicly traded nonfinancial companies with March book-closings that had market capitalizations of at least 50 billion yen as of Friday, as well as capital ratios of at least 30 per cent and a ROIC of 7 per cent or greater .
Restaurant operator Watami Co. (TSE:7522) ranks No. 4, and Starbucks Coffee Japan Ltd. (TSE:2712) came in seventh. The coffee chain has an 11 per cent ROIC, but its stock price has dropped 3.3 per cent since March 10.
Mochida Pharmaceutical Co. (TSE:4534) and Kaken Pharmaceutical Co. (TSE:4521) occupied the fifth and sixth spots respectively. Six other drugmakers made the top 30.
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