We See Daiwa Earning Better Returns Than Nomura Unless Nomura Gives Up on its Overseas Ambitions
We are transferring coverage of Japanese securities firms Nomura (8604 JP) and Daiwa (8601 JP), both of which we rate as having no moats and stable moat trend. Our fair value estimates of JPY 625 and JPY 786 are 12% above Nomura's and 16% above Daiwa's latest share prices, respectively.Under their current strategies, we believe Daiwa likely to achieve a higher average return on equity over the cycle than Nomura, in part because Nomura insists on trying to compete in its global wholesale operati...
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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