A Benign Operating Environment Lifts Daiwa’s 3Q Results, but Changes in Risk Profile Ahead
No-moat-rated Daiwa's third-quarter results were in line with our neutral expectations, but we are increasing our fair value estimate slightly to JPY 670 from JPY 650 as the company’s regulatory capital consumption post the Basel IV reform is likely to be slightly less than our medium-term equity assumption. Similar to the last quarter, a cyclical boost in retail commission revenue managed to offset lower wholesale revenue from fixed income trading. Earnings remain stable in asset management, wh...
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