Daiwa Securities Group Inc

8601: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japan Securities Firms’ Earnings: Nomura ROE Lags Most Peers Amid Industry Upturn

Aug 1, 2023

We are maintaining our fair value estimates of JPY 590 for Nomura Holdings, equivalent to 0.55 times book value and 0.4% below the current share price, and JPY 650 for Daiwa Securities, 0.64 times book value and 18% below its share price, after June quarter results.

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Daiwa Securities Group Inc

Japan Securities Firms’ Earnings: Nomura ROE Lags Most Peers Amid Industry Upturn

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