No-moat Daiwa seeks value creation through the incremental return of capital to shareholders.
No-moat-rated Daiwa's quarterly results were in line with our low expectation as its strength was largely limited to a temporary boost from higher trading volumes on increased market volatilities. For the nine months ended December 2016, Daiwa reported lower profits on lower revenue with net income down by 14.5% year on year to JPY 81 billion, with the operating profit decreasing 29.9% year on year to JPY 89 billion and the revenue decreasing 10.5% to JPY 450 billion. The group has had a number ...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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