Daiwa's Weak 1Q Results Continue to Pose Questions for Future Capital Deployment
No-moat-rated Daiwa's first-quarter results were in line with our low expectations, with cyclical strength in retail commission revenue offset by lower wholesale revenue as unusual strength in fixed income in prior quarters has started to fade. The results have not affected our long-term view that the firm does not have a unique competitive advantage as a local independent bank. In our view, Daiwa will still need relatively good trading volume and equity underwriting to trade closer to its net b...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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