F3/27 1Q Results: ROE of 15.4%, With Strength and High Profitability Across All Businesses

研报英文原文证据摘录

F3/27 1Q Results: ROE of 15.4%, With Strength and High Profitability Across All Businesses

Update

July 29, 2026 11:19 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNomura Holdings (8604) | Japan Mia Nagasaka

Equity Analyst

F3/27 1Q Results: ROE of 15.4%, Mia.Nagasaka@morganstanleymufg.com +81 3 6836-8406

With Strength and High

Profitability Across All

Nomura Holdings (8604.T, 8604 JT)

Brokers & Other Financials | Japan

Businesses Stock Rating Equal-weight

Industry View In-Line

Price target ¥1,710

AlphaSignals Earnings Reaction Shr price, close (Jul 29, 2026) ¥1,573

Mkt cap, curr, basic (bn) ¥4,562.4

Strengthens our thesis Meaningful upside Meaningful revision higher Avg daily trading value (bn) ¥14.0

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Results were stronger than expected. In July, Wealth Management appears to

remain broadly in line with the 1Q level; Wholesale is likely to see a reactive QoQ

decline primarily in equities, but has a healthy pipeline.

F3/27 1Q results overview: 1) Wholesale: Global Markets (GM) performance was

driven by substantial revenue growth in equities and the overseas high-net-worth

client business. While Investment Banking (IB) revenue declined QoQ, it exceeded

¥50bn for a 1Q period for the first time, reaching ¥50.4bn. Operating leverage

improved efficiency, with the expense ratio declining to 75% (vs. 86% in 4Q), while

the revenue-to-adjusted risk assets ratio improved to 9.3% (vs. 7.6% in 4Q). 2)

Wealth Management (WM): Mutual funds and discretionary investment

management contracts drove strong net inflows, resulting in growth in recurring

assets. The pretax profit margin reached a high 48.9%. 3) Investment Management