Monex Group: Carrier Tie-ups Key to Mid-term Growth; 1Q Catalysts Scarce

Research evidence excerpt

Monex Group: Carrier Tie-ups Key to Mid-term Growth; 1Q Catalysts Scarce

ithout the written consent of Morgan Stanley.

Indicators and trackers referenced in Morgan Stanley Research may not be used as, or treated as, a benchmark under Regulation EU 2016/1011, or any other similar framework.

The issuers and/or fixed income products recommended or discussed in certain fixed income research reports may not be continuously followed. Accordingly, investors should regard those

fixed income research reports as providing stand-alone analysis and should not expect continuing analysis or additional reports relating to such issuers and/or individual fixed income products.

Morgan Stanley may hold, from time to time, material financial and commercial interests regarding the company subject to the Research report.

Registration granted by SEBI and certification from the National Institute of Securities Markets (NISM) in no way guarantee performance

of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read

all the related documents carefully before investing.

INDUSTRY COVERAGE: Brokers & Other Financials

Company (Ticker) Rating (As Of) Price* (07/15/2026)

Atsuro Takemura

Aeon Financial Service (8570.T) U (07/02/2024) ¥1,543

Credit Saison (8253.T) O (09/02/2024) ¥4,668

Marui Group (8252.T) O (07/02/2024) ¥2,993

Mitsubishi HC Capital (8593.T) O (04/02/2026) ¥1,414

Orix (8591.T) E (04/25/2025) ¥6,593

Mia Nagasaka

Daiwa Securities Group (8601.T) E (02/25/2019) ¥1,879

GMO Payment Gateway (3769.T) E (07/08/2024) ¥9,807

Monex Group (8698.T) E (05/24/2022) ¥768

Nomura Holdings (8604.T) E (08/23/2018) ¥1,626

PayPay (PAYP.O) E (04/06/2026) US$15.00

SBI Holdings (8473.T) E (07/06/2023) ¥2,834