A Better-than-Expected Return of Capital will Benefit Daiwa’s Shareholders, Lifting FVE to JPY 650
No-moat-rated Daiwa's second-quarter results were in line with our expectations, but we are raising our fair value estimate to JPY 650 from JPY 600 after lowering our medium-term equity assumptions. Similar to the last quarter, a cyclical boost in retail commission revenue managed to offset lower wholesale revenue from fixed income trading and lower-than-expected contribution from asset management from pricing pressures on its fee levels. The results have not affected our long-term view that the...Daiwa Securities Group is a financial holding company engaged in the securities-related business and other investment and financial services. Retail segment provides securities brokerage services to individuals and unlisted-corporate customers. Wholesale segment offers stock, bonds, foreign exchange and the other derivatives mainly to institutional investors and business investors. It also provides investment banking services. Asset Management segment provides investment advisory and asset management services for institutional investors and overseas asset management companies. Investment segment is engaged in the private equity investment activities.
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