Daiwa Remains Unprepared for the Industry Headwinds with its Unwillingness for Cost Reduction
No-moat-rated Daiwa's first-half results revealed some operating weaknesses offset by a one-off tax saving from the liquidation of its Asian subsidiary. Daiwa reported the semiannual net income decreasing by 20.5% year on year to JPY 55 billion, with operating profit decreasing 37.3% year on year to JPY 57.3 billion against the revenue dropping 15% to JPY 300 billion.ÂWe maintain our fair value estimate of JPY 600, representing price to forward earnings of 7.6 times and price to forward book of...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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