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Nomura Holdings

Nomura was spun off from the Osaka Nomura Bank (a predecessor of Resona) in 1925 and in the decades following World War II became the market leader as Japanese commercial banks were prevented from engaging in securities business. Nomura still retains its dominant position in Japan where it now competes with the securities arms of Japan's "megabanks" as well as international investment banks. Nomura has tried many times over the past 30 years to achieve a viable franchise overseas but was not successful. It made another attempt with the acquisition of parts of Lehman's businesses during the global financial crisis but poor returns led it to cut back overseas operations and consistent profitability at an adequate level remains elusive. (31 Oct 2018)

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Nomura: 2QFY2019 - Into The Red

Worth Watching: 31 Oct 2018, 8:30 AM ET - Nomura  has posted a net loss for the September quarter (-Y11 bn) and for the six month period (-Y6 bn) given the very weak result it posted for the June quarter – see Nomura: More Losses Overseas – Move to U/P. Underlying results were a little ..

Asia Credit Calendar: Week of 29 October 2018

Strategy Analysis: 25 Oct 2018, 11:47 PM ET - 3Q earnings season begins. Issuers reporting this week include Bank of China, Agricultural Bank of China, ICBC, Minsheng Banking, ANZ, NAB, Macquarie, Nomura, OCBC, Health & Happiness, Alibaba and Baidu. 
Focused

Nomura: Settles with US DOJ

Worth Watching: 21 Oct 2018, 10:42 PM ET - Nomura has been engaged in a legal struggle with the US DOJ since the financial crisis over RMBS securitized by its US subsidiaries in the years before the financial crisis. Some legal decisions have gone against Nomura (see Nomura: Loses First ..

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

July 2018 Asian Company Recommendation Changes

Asian Company Recommendation Changes: 31 Jul 2018, 9:41 PM ET - Our monthly report provides executive summaries for the four company recommendation changes made on Asian companies during the month of July.
Focused

Nomura: More Losses Overseas – Move to U/P

Earnings Note: 26 Jul 2018, 9:44 PM ET - Nomura's objective in recent years has been to achieve sustainable profits from its overseas business but this goal remains elusive and its overseas units remain in the red and results in Japan were much weaker in the June quarter. 

Chinese Securities Firms: Trip Notes June 2018

Company Meetings: 06 Jun 2018, 10:04 PM ET - We take a look at how China's major securities firms are performing and responding to market and regulatory developments. 

BCHINA: Lower Provisions Help Bottom Line in 1Q18

Worth Watching: 30 Apr 2018, 4:34 AM ET - BCHINA saw profits rise 5% but this was solely due to provisions which fell 30% YoY. While state-owned peers mostly raised impairments in 1Q to account for IFRS 9 and and ahead of the introduction of new regulations related to shadow loans, BCHINA ..
Focused

Nomura FYE2018: An Unwanted Legacy

Earnings Note: 26 Apr 2018, 5:52 AM ET - Nomura ended FYE2018 with a stronger quarter in Wholesale division but progress towards its overseas profit goals continues to be dogged by periodic material losses. 

Hyundai Capital Svcs: Profit Steady, Mix Shifts

Earnings Note: 24 Apr 2018, 11:11 PM ET - Hyundai Capital Services reports steady results for 2017 but is shifting its mix from auto loans to higher return assets.  

Asia Credit Calendar: Week of 23 April 2018

Strategy Analysis: 19 Apr 2018, 11:33 PM ET - Chinese corporates start to release 1Q18 results. They include Anton Oilfield, China Aluminium Corp, Baidu, Dr Peng Telecom, China Grand Automotive and PetroChina.
Focused

Nomura: Now Subject to TLAC Requirements

Worth Watching: 16 Apr 2018, 5:26 AM ET - Nomura is to be subject to Japan's TLAC requirements as it is a systemically important financial institution. It was in fact anomalous that Nomura was widely regarded as systemically important and therefore likely to receive support from the De ..

Asia-Pac Financials Relative Value: April 2018

Asia Relative Value / Fin Movers: 10 Apr 2018, 2:51 AM ET - We summarize our relative value views for Asia Pacific Financials for April 2018.

Asia-Pac Financials Relative Value: March 2018

Asia Relative Value / Fin Movers: 06 Mar 2018, 8:04 PM ET - We summarize our relative value views for Asia Pacific Financials for March 2018.

Asia-Pac Financials Relative Value: February 2018

Asia Relative Value / Fin Movers: 08 Feb 2018, 1:48 AM ET - We summarize our fundamental and relative value views for Asia Pacific Financials for February 2018.
Focused

Nomura: Non-Core Items Boost 3Q Profits

Worth Watching: 01 Feb 2018, 5:36 AM ET - Nomura  has reported a good bottom line result for the December period with net profit well up QoQ and YoY. However, this was only partly due to improvements in its main operating units: Retail and Asset management did better but the Wholesale ..

Asia Credit Calendar: Week of 29 January

Strategy Analysis: 25 Jan 2018, 11:27 PM ET - 3QFY18 results season starts for the Indian corporates, Indian banks and Japanese banks (year ending 31 March). Alibaba will also announce its 3QFY18 result on Thursday.
Focused

Nomura: 2QFY2017 Disappoints

Earnings Note: 31 Oct 2017, 8:50 AM ET - Nomura's 2Q earnings disappoint as overseas fixed income business struggles with low volatility but equity markets in Japan are hitting multi-decade highs. 

Asia Credit: The Week Ahead, 30 October 2017

Strategy Analysis: 27 Oct 2017, 12:02 AM ET - Results season picks up this week. Bank earnings include Nomura, Shinhan and NAB. Corporate earnings include Health & Happiness, Tata Steel, JSW Steel, Alibaba, Glenmark Pharma and Tata Power.  
Focused

Nomura: Fitch Upgrades Viability Rating

Worth Watching: 25 Oct 2017, 5:14 AM ET - Nomura has been upgraded by Fitch at the level of its Viability Rating, which reflects its stand-alone financial strength. The rating has been raised from bbb to bbb+. Its long-term credit rating (which is the same for Nomura Holdings and Securiti ..

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