Daiwa Securities Group Inc

8601: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Daiwa Securities Reports Solid Quarter on Strong Wrap Sales and M&A Fees; FVE Up to JPY 635

Oct 28, 2021

We maintain our no-moat rating on Daiwa Securities and raise our fair value estimate slightly from JPY 620 to JPY 635, equivalent to 0.71 times book value as our previous fair value estimate had been. Net profit for July-September, the second quarter in Daiwa’s fiscal year ending March 2022, was JPY 26.6 billion, representing annualized ROE of 8.0%, close to our assumed cost of equity for Daiwa of 8.5%.

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Daiwa Securities Group Inc

Daiwa Securities Reports Solid Quarter on Strong Wrap Sales and M&A Fees; FVE Up to JPY 635

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