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We are investment professionals dedicated to maximizing equity valuation through fundamental enhancement of CF generation

About Us

A trusted partner in resolving the core drivers of equity valuation challenges

CGS is a team of investment professionals that supports companies in driving a long-term market capitalization growth by analyzing and proposing improvements in cash flow generation per growth
– the key driver of equity valuation.

Our mission at CGS is to drive the growth of Japanese companies’ market capitalization by delivering meaningful value through our strategic involvement.

With decades of professional experience in the equity capital markets- including global investment management, sell-side research, and corporate management – CGS is uniquely positioned to provide fundamental support for improving equity valuation.

Service

For Public Companies

01

Financial Advisory

By analyzing and addressing fundamental issues in cash flow generation capability, CGS helps develop financial and M&A strategies aimed at an expansion of equity valuation.

This service is intended for…

  • Companies that lack strategic discipline in financial initiatives—including M&A, shareholder returns, and capital allocation—from a valuation standpoint.
  • Companies in need of a fundamental overhaul of their equity narrative
  • Companies aiming to establish financial strategies from capital market’s standpoint as a part of activist defense measures

02

CGS Report

(Sponsored Research)

The CGS reports, centered on buy-side analysis of growth stories and valuation drivers, help enhance effective IR strategies.

This service is intended for…

  • Companies with disciplined financial strategies that allow investors to analyze valuation based on a long-term profit growth and cash flow generation
  • Companies that have implemented financial strategies to strengthen cash flow generation, with guidance from CGS’s financial advisory services

Investment Business

03

CGS Fund

An engagement investment fund managed by CGS, drawing on its global investment and corporate management expertise to deliver hands-on consulting that drives fundamental improvements in portfolio companies’ cash flow generation for a long-term alpha.

Our Approach

At CGS, we believe that the most critical drivers of market capitalization growth are the long-term growth of earnings and the maximization of cash flow generation per growth – that is, valuation per 1% of profit growth.
To help achieve sustainable market capitalization growth over the long term, all of our services are built upon the following analytical approach.

Our Strengths

01

Professional Background

CGS is a team of seasoned capital market professionals with decades of experience as global institutional investors and leading sell-side analysts. Our team also bring board-level expertise, having served as outside directors and auditors at multiple publicly listed companies. We deliver authentic investor perspectives to corporate management and provide hands-on support to drive fundamental valuation growth.

02

Essential Research for Maximizing Equity Valuation

We conduct detailed analysis of cash flow generation – one of the key valuation drivers prioritized by long-term investors during investment decision-making. By identifying core corporate challenges and proposing actionable solutions, we help companies unlock sustainable market capitalization growth through valuation expansion. We believe that even with the same P&L structure, companies can maximize valuation per profit growth by adopting and executing strategies that generate cash flow more efficiently.

03

Direct Market Feedback Leveraging Our Investor Networks

In addition to CGS’s professional perspective, we leverage our investor network to deliver real, market-driven feedback on equity stories and strategies. We also hold the CGS Club, a professional community for CFOs, IRs, and investors to exchange insights and participate in study sessions focused on long-term valuation growth.

Management

Katsuya Nobuzane

An investor and corporate advisor with over 15 years of professional experience in investment industry


Managing Director & Chief Investment Officer, CGS

Taizo Demura

A corporate advisor with 30 years of experience as a sell-side analyst, 5 years as an outside auditor, and a broad background spanning corporate operations and VC investments.


Managing Director, CGS

Hitoshi Kuriyama

A seasoned professional in investment research and corporate strategy, with over 25 years of experience as a sell-side analyst, complemented by a background as a buy-side analyst and strategic consultant.


Managing Partner, CGS

Our team also includes other seasoned professionals from across the investment industry.

Our Professional Experience

Fidelity Management
& Research (FMR)

Dodge & Cox

Goldman Sachs

PAG

Morgan Stanley

Calbee

AllianceBernstein

Millennium Management

Merrill Lynch

Corporate Information

Company NameCapital Growth Strategies Co., Ltd.
Representative Director Katsuya Nobuzane, Managing Director & CIO
EstablishmentJuly, 2024
AddressUCF 6F, Win Aoyama Building, 
2-2-15, Minami-Aoyama, Minato-ku, Tokyo JAPAN
Business・Investment
・Management Consulting
・Investment Research

Contact