Improving Earnings Mix is Driving 3Q Results for Nomura; Raising Fair Value Estimate to JPY 630
No-moat Nomura's third-quarter results beat our estimates with all segments seeing improvements for quarterly results. This is due to a lower cost structure in wholesale banking, better earnings mix from asset management, as well as improving market sentiment in retail banking. Reversing the trend over the past decade, Nomura managed to outearn its cost of capital with annualized returns on equity of 10.3%.We will raise our fair value estimate to JPY 630 per share (USD 5.48 per ADR) from JPY 41...
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