Daiwa Securities Group (8601): 1Q results: Solid earnings, but likely already priced in

研报英文原文证据摘录

Daiwa Securities Group (8601): 1Q results: Solid earnings, but likely already priced in

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Daiwa Securities Group (8601) Neutral

8601.T, 8601 JP

1Q results: Solid earnings, but likely already priced in Price (31 Jul 26):¥1,807

Price Target (Dec-26):¥1,720

Slightly positive: Daiwa Securities Group announced 1Q FY2026 results at 11:30 Japan Equity Research

(JST) today, reporting net profit of ¥56.4 billion (+13% QoQ), exceeding our

Insurance, Securities, Diversified

estimate of ¥46.6 billion and the Bloomberg consensus estimate of ¥51.0 billion.. Financials

Compared to our estimates, gains on property sales in the real estate asset AC Koki Sato

management segment, exit gains in the alternative asset management segment, and

(81-3) 6736-8609

equity revenue in the global markets business all exceeded expectations. While the koki.sato@jpmorgan.com

company delivered solid results supported by a favorable business environment, Yuka Azami

the results were in line with trends seen at other securities firms that have already (81-3) 6736-8619

reported 1Q earnings, dulling the sense of surprise. yuka.azami@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Overview of recurring profit in main segments: (1) Recurring profit in

wealth management grew 12% QoQ to ¥37.3 billion. Both the wealth

management segment and Daiwa Next Bank performed well, supported by

favorable market conditions and rising interest rates, but profits were generally

in line with our expectations. With the acquisition of all shares of Orix Bank

having been completed, it will probably be reflected in consolidated results

from 2Q. We had assumed contributions would begin from the start of 3Q, so

this is slightly earlier than we expected.