1 Top Management; 2 Top shareholders; 3 Peer Comparison & Ranking of 8601; 4 Currency Synopsis: Japanese Yen (JPY)

Top Management

Top Management

NameDesignation
Akihiko OginoChief Executive Officer, President, Senior Managing Executive Officer
Seiji NakataChairman, Director
Kotaro YoshidaChief Financial Officer, Managing Executive Officer
Shinsuke NiizumaChief Operating Officer
Toshihiro MatsuiDirector, Executive Vice President
Keiko TashiroDirector, Executive Vice President
Tomoyuki MuraseExecutive Vice President, Chief Information Officer



Top shareholders
Top 10 shareholders

Name of the Share HolderNumber Of Shares% of Capital
The Master Trust Bank of Japan, Ltd. (Trust Account)23854557315.2
Custody Bank of Japan, Ltd. (Trust Account)773703734.9
NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST458258602.9
Taiyo Life Insurance Company444134192.8
Nippon Life Insurance Company335847062.1
JAPAN POST HOLDINGS Co., Ltd.323292032.1
Barclays Securities Japan Limited320153272.0
STATE STREET BANK WEST CLIENT - TREATY 505234282488181.8
Daiwas Employee Stock Ownership Association241684331.5
NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS210296761.3
% held by Top 10 shareholders 36.6%


Peer Comparison & Ranking of 8601
PEER COMPARISON: 8601 IN INDICES

Daiwa Securities is a constituent of the following indices.

Its market capitalisation is $10 billion and accounts for 0.6% of the combined MCap of the TOPIX Large70 Index.

Index NameMCap of Index ($ b)8601 MCap as % of Index
TOPIX Large70 Index1,720 0.6
TOPIX 100 Index3,647 0.3
Nikkei 225 Index4,021 0.3
Nikkei 300 Index4,705 0.2
TOPIX 500 Index4,951 0.2
TOPIX 1000 Index5,318 0.2

BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:
Daiwa Securities vs Tokyo Market

Out of 3,689 stocks and 15 units in the Japan Market, Daiwa Securities is ranked twelfth(12) by P/Earnings/ Growth, 105th(105) by Net Profit $, 129th(129) by EBITDA Margin% and 705th(705) by Yield.

Tokyo Avg86018601 Rank
P/Earnings/ Growth0.3x0.1x12
Net Profit $497.8 M835.7 M105
EBITDA Margin%9.336.4129
Yield (%)-2.02705
Discount to 52-Wk High (%)7.429.3798
P/Earnings12.8x11.1x974
Price/Net Tangible Assets1.5x0.9x1154
Premium to 52-Wk Low (%)23.321.61340
ROE (%)9.037.31908
ROA (%)1.70.43247
Total Debt/Equity (the lower the better)0.8x2.9x3399
Negative values are shown in brackets.
Stock in Index and Stock in Sector

Description8601Nikkei 225 Index% of Nikkei 225 IndexSecurities & commodity futures sector% of Securities & commodity futures sector
Net Profit $835.7 M308.9 B0.33.7 B22.8
Revenue $4.1 B5,040.7 B0.128.9 B14.1
Total Assets $220.2 B18,251.1 B1.2842.7 B26.1
MCap $10.1 B4,020.8 B0.351.3 B19.8

Relative Valuation Indicators: Stock vs Index and Stock vs Sector

Description8601Nikkei 225 Index Avg.Securities & commodity futures sector Avg.
Price/Earnings11.113.013.7
P/Earnings/Growth0.120.240.16
Yield (%)2.021.372.27
Price/Net Tangible Assets0.891.490.93
Total Debt/Equity (the lower the better)2.89x0.9x2.76x

MARKET SHARE
Daiwa Securities vs Securities & Commodity Futures sector [Securities & Commodity Futures sector Total in Brackets]
Revenue of JPY590.9 billion ($4.1 billion)[15.4% of aggregate sector revenue of JPY4,199.7 billion; up from 15.0% in the previous year.]
Net Profit of JPY121.6 billion ($835.7 million) [24.9% of aggregate sector net profit of JPY532 billion; up from 23.8% in the previous year.]
EBIT of JPY180 billion ($1.2 billion) [24.3% of aggregate sector EBIT of JPY820.2 billion; up from 21.0% in the previous year.]

GLOBAL RANK [out of 46,072 stocks] AND RANK OF DAIWA SECURITIES IN THE ASIA REGION [out of 26,166 stocks]

DescriptionValueGlobal RankIn Asia Region
MCap ($)10.1B1,836608
Total Assets ($)223.3B330110
Revenue ($)4.1B3,0321,205
Net Profit ($)847.4M1,519489
Return on Equity %7.317,29410,598
Net Profit Margin %22.15,4122,679
Price to Book1.012,6678,000
Price/Earnings12.39,1025,745
Yield %4.26,4503,179
PV1000 (1Year) $*90825,24214,981
$* Change (1Year) %-2.121,01012,162

* 1 year ago $1 = JPY 155.69
May 09, 2025: $ 1 equals JPY 145.45

RANK OF DAIWA SECURITIES IN THE NIKKEI 225 INDEX [out of 213 stocks], IN THE TOKYO MARKET [out of 3754 stocks] AND IN THE SECURITIES & COMMODITY FUTURES SECTOR [out of 34 stocks]

DescriptionValueIn Nikkei 225 IndexIn Tokyo MarketIn Securities & commodity futures sector
Revenue (JPY)590.9B1432833
Return on Equity %7.31181,82914
Net Profit Margin %22.1817312
Price to Book0.9701,18415
Price/Earnings11.1561,00511
Yield %2.04171512
PV1000 (1Year) JPY8501572,86728

LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best]
Daiwa Securities is ranked number 2 out of 40 listed securities & commodity futures companies in the Japan with a market capitalization of JPY1,474.7 billion ($10.1 billion).
In the securities & commodity futures companies it has the 2nd highest total assets and 3rd highest revenues.
Within its sector it has a relatively low P/E of 11.1 and low P/E/G of 0.12.

It has a moderate relative ROE of 7.3% and ROA of 0.4%. The company paid a dividend of JPY19.0 in the last twelve months. The dividend yield is moderate at 2%. Finally, its earnings growth in the past 12 months has been a comparatively high 95.1%.
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.


Currency Synopsis: Japanese Yen (JPY)
% Change of JPY vs Currency Basket Period-Based
In the past three years the Japanese Yen fell 9.5% against the US Dollars. However, in the past year the Japanese Yen rose 7.7% against the US Dollars.

LastCountry1-day %1-week %1-Year %3-Yrs %
JPY1=0.007USDUnited States Of America-0.9-7.7-9.5
JPY1=0.05CNYChina-0.7-0.57.8-1.9
JPY1=0.006EUREuropean Union-0.20.22.5-15.7
JPY1=9.722KRWSouth Korea1.1-2.410.8-0.3
JPY1=0.009SGDSingapore-0.3-0.93.0-15.3
JPY1=0.012NZDNew Zealand0.1-0.28.5-2.4
JPY1=0.005GBPUnited Kingdom-0.4-1.1-15.9
JPY1=0.011AUDAustralia--0.410.2-0.2
JPY1=0.054HKDHong Kong-0.60.27.1-10.3
JPY1=0.006CHFSwitzerland-0.7-0.8-2.4-24.3
JPY1=0.01CADCanada-0.40.48.5-2.4
JPY1=0.067SEKSweden--0.1-4.2-12.1
JPY1=0.072NOKNorway--0.42.2-1.2
JPY1=0.136MXNMexico-1.2-0.324.7-12.4

1 Tax & Dividend; 2 Financials as Reported H1/2024, FY 2024, Past 10 Years

Tax & Dividend
Average Income Tax Paid (Past 5 Years)
In the past 5 years, Income Tax as % of profit before tax decreased from 27.8% to 27.5%, Income Tax as % of sales increased from 5.5% to 8.4% and Income Tax as % of operating cash flow increased from 20.4% to 23.0%.

Description20242023202220212020
As % of profit before tax27.523.926.524.227.8
As % of operating cash flow2317.621.319.620.4
As % of sales8.457.57.55.5

The 5-year average of profit before tax was 26%.

Dividend History
In the past 5 years annual dividends have decreased by JPY17.0 from JPY36.0 to JPY19.0. Based on a start date of 5 years ago, there has been one increases in dividends over the last 5 years.

DateValue (JPY)Type
27 Sep 202419Interim
Tr 12 Months19
2023 - 202444
2022 - 202323
2021 - 202233
2020 - 202136


Financials as Reported H1/2024, FY 2024, Past 10 Years
Financials as reported (Half Year)

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In JPY Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED

DescriptionJPY MillionJPY Million
Sep 3020242023Change %
Operating revenue:
Commission received:191,793168,506Up 13.8
Brokerage commission44,36343,777Up 1.3
Commission for underwriting secondary distribution and solicitation for selling and others for professional investors19,41320,671Down 6.1
Fees for offering secondary distribution and solicitation for selling and others for professional investors11,5197,639Up 50.8
Other commission received116,49696,417Up 20.8
Net trading income56,21844,667Up 25.9
Net gain on private equity and other investments4,0653,458Up 17.6
Financial revenue346,584288,777Up 20.0
Other operating revenue91,02764,676Up 40.7
Total operating revenue689,688570,087Up 21.0
Financial expenses307,737244,548Up 25.8
Other operating expenses71,71247,106Up 52.2
Net operating revenue310,238278,432Up 11.4
Selling general and administrative expenses:
Trading related expenses44,57138,918Up 14.5
Personnel expenses118,768105,765Up 12.3
Real estate expenses21,63719,644Up 10.1
Office expenses13,75612,988Up 5.9
Depreciation17,46317,527Down 0.4
Taxes and dues7,2036,136Up 17.4
Provision of allowance for doubtful accounts155Up 200.0
Other10,0328,883Up 12.9
Total selling general and administrative expenses233,448209,870Up 11.2
Operating income76,79068,561Up 12.0
Non-operating income:
Dividend income2,6252,436Up 7.8
Share of profit of entities accounted for using the equity method29,4951,390Up 2,021.9
Foreign exchange gains2,901
Gain on investments in investment partnerships1,412818Up 72.6
Other3,3582,585Up 29.9
Total non-operating income36,89310,132Up 264.1
Non-operating expenses:
Interest expenses1,2321,000Up 23.2
Foreign exchange losses787
Bond issuance costs2
Other1,033762Up 35.6
Total non-operating expenses3,0551,762Up 73.4
Ordinary income110,62776,932Up 43.8
Extraordinary income:
Gain on sale of non-current assets29
Gain on sale of investment securities2452,490Down 90.2
Gain on reversal of share acquisition rights2481,164Down 78.7
Total extraordinary income4943,683Down 86.6
Extraordinary losses:
Loss on sale and retirement of non-current assets97852Down 88.6
Impairment losses2,335
Loss on sale of investment securities47Down 42.9
Loss on valuation of investment securities619205Up 202.0
Loss on change in equity55
Provision of reserve for financial instruments transaction liabilities54Up 25.0
Business restructuring expenses890
Total extraordinary losses4,0091,070Up 274.7
Income before income taxes107,11379,545Up 34.7
Income taxes - current23,89826,143Down 8.6
Income taxes - deferred727-4,562Recovery
Total income taxes24,62621,581Up 14.1
Profit82,48657,964Up 42.3
Profit attributable to non-controlling interests4,7014,458Up 5.5
Profit attributable to owners of parent77,78553,505Up 45.4
Profit82,48657,964Up 42.3
Other comprehensive income:
Valuation difference on available-for-sale securities2,81610,954Down 74.3
Deferred gains or losses on hedges-12,80513,252Deterioration
Foreign currency translation adjustment-15,69344,200Deterioration
Share of other comprehensive income of entities accounted for using the equity method10,0747,779Up 29.5
Total other comprehensive income-15,60676,186Deterioration
Comprehensive income66,880134,151Down 50.1
Comprehensive income attributable to:
Comprehensive income attributable to owners of parent61,470129,374Down 52.5
Comprehensive income attributable to non-controlling interests5,4094,776Up 13.3

BALANCE SHEET AS REPORTED

DescriptionJPY MillionJPY Million
Sep 30, 2024Mar 31, 2024Change %
Current assets:
Cash and deposits3,863,0434,398,616Down 12.2
Cash segregated as deposits591,648544,815Up 8.6
Notes and accounts receivable - trade and contract assets30,04729,627Up 1.4
Securities1,519,4401,410,877Up 7.7
Trading products:8,248,3357,534,999Up 9.5
Trading securities and other5,904,7404,870,657Up 21.2
Derivatives2,343,5942,664,341Down 12.0
Private equity and other investments140,127138,663Up 1.1
Allowance for investment loss-50-4Deterioration 1,150.0
Operating loans receivable2,920,1652,722,321Up 7.3
Work in process1,157839Up 37.9
Margin transaction assets:159,573158,635Up 0.6
Loans on margin transactions154,593149,301Up 3.5
Cash collateral pledged for securities borrowing on margin transactions4,9799,333Down 46.7
Loans secured by securities:13,535,53612,368,472Up 9.4
Cash collateral pledged for securities borrowed9,939,9039,128,456Up 8.9
Securities purchased under resale agreements3,595,6323,240,015Up 11.0
Advances paid26,83433,633Down 20.2
Short-term loans receivable502791Down 36.5
Accrued income99,13188,460Up 12.1
Other current assets870,9781,018,117Down 14.5
Allowance for doubtful accounts-9,256-9,554Improved 3.1
Total current assets31,997,21530,439,313Up 5.1
Non-current assets:
Property plant and equipment923,083921,181Up 0.2
Intangible assets:129,723127,602Up 1.7
Goodwill16,25017,139Down 5.2
Other113,472110,463Up 2.7
Investments and other assets:644,853539,201Up 19.6
Investment securities597,416492,226Up 21.4
Long-term loans receivable7,5257,216Up 4.3
Long-term guarantee deposits15,87315,903Down 0.2
Deferred tax assets7,3266,825Up 7.3
Other19,80519,813Down
Allowance for doubtful accounts-3,093-2,783Deterioration 11.1
Total non-current assets1,697,6601,587,986Up 6.9
Total assets33,694,87532,027,299Up 5.2
Current liabilities:
Notes and accounts payable - trade8,3838,507Down 1.5
Trading products:5,670,3395,863,821Down 3.3
Trading securities and other3,512,3043,368,679Up 4.3
Derivatives2,158,0342,495,141Down 13.5
Trade date accrual212,4771,457,301Down 85.4
Margin transaction liabilities:42,99654,414Down 21.0
Borrowings on margin transactions6,7164,769Up 40.8
Cash received for securities lending on margin transactions36,27949,645Down 26.9
Borrowings secured by securities:14,713,68611,698,956Up 25.8
Cash collateral received for securities lent8,638,2838,270,945Up 4.4
Securities sold under repurchase agreements6,075,4033,428,011Up 77.2
Deposits for the banking business4,200,9764,511,603Down 6.9
Deposits received734,899562,416Up 30.7
Guarantee deposits received526,857522,809Up 0.8
Short-term borrowings1,421,5501,272,859Up 11.7
Commercial papers521,400440,000Up 18.5
Current portion of bonds payable310,672159,780Up 94.4
Income taxes payable24,87142,916Down 42.0
Provision for bonuses33,74443,054Down 21.6
Other current liabilities133,120159,110Down 16.3
Total current liabilities28,555,97626,797,550Up 6.6
Non-current liabilities:
Bonds payable1,175,6251,276,312Down 7.9
Long-term borrowings2,002,8152,020,812Down 0.9
Deferred tax liabilities43,73345,616Down 4.1
Retirement benefit liability43,49843,715Down 0.5
Provision for loss on litigation299235Up 27.2
Other non-current liabilities47,83348,761Down 1.9
Total non-current liabilities3,313,8063,435,452Down 3.5
Reserves under special laws:
Reserve for financial instruments transaction liabilities5,6435,637Up 0.1
Total reserves under special laws5,6435,637Up 0.1
Total liabilities31,875,42630,238,640Up 5.4
Shareholders' equity:
Share capital247,397247,397Steady
Capital surplus233,778232,461Up 0.6
Retained earnings1,004,165961,438Up 4.4
Treasury shares-116,567-123,153Improved 5.3
Deposits for subscriptions of treasury shares6683Down 20.5
Total shareholders' equity1,368,8401,318,227Up 3.8
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities59,97652,936Up 13.3
Deferred gains or losses on hedges2,18116,873Down 87.1
Foreign currency translation adjustment125,508134,149Down 6.4
Remeasurements of defined benefit plans-22
Total accumulated other comprehensive income187,644203,959Down 8.0
Share acquisition rights6,2656,956Down 9.9
Non-controlling interests256,699259,515Down 1.1
Total net assets1,819,4491,788,658Up 1.7
Total liabilities and net assets33,694,87532,027,299Up 5.2

Financials as reported (FY 2024 [year-ended 31 March 2024 ])

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In JPY Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 31 March 2024 ])

DescriptionJPY MillionJPY Million
Mar 3120242023Change %
Operating revenue
Commission received358,532279,991Up 28.1
Brokerage commission93,42764,272Up 45.4
Commission for underwriting secondary distribution and solicitation for selling and others for professional investors38,49028,165Up 36.7
Fees for offering secondary distribution and solicitation for selling and others for professional investors18,39011,316Up 62.5
Other commission received208,225176,237Up 18.2
Net trading income98,16070,253Up 39.7
Net gain (loss) on private equity and other securities14,3813,692Up 289.5
Financial revenue607,590332,548Up 82.7
Other operating revenue198,816179,604Up 10.7
Total operating revenue1,277,482866,090Up 47.5
Financial expenses525,853268,498Up 95.8
Other operating expenses160,718133,365Up 20.5
Net operating revenue590,910464,226Up 27.3
Selling general and administrative expenses
Trading related expenses80,63571,545Up 12.7
Personnel expenses222,532199,790Up 11.4
Real estate expenses40,27338,704Up 4.1
Office expenses26,58625,768Up 3.2
Depreciation35,14134,497Up 1.9
Taxes and dues12,88110,191Up 26.4
Provision of allowance for doubtful accounts1549Down 69.4
Other19,13817,404Up 10.0
Total selling general and administrative expenses437,205397,952Up 9.9
Operating profit153,70566,273Up 131.9
Non-operating income
Dividend income6,5133,535Up 84.2
Share of profit of entities accounted for using equity method4,8288,954Down 46.1
Foreign exchange gains4,6292,274Up 103.6
Gain on investments in investment partnerships2,5087,851Down 68.1
Other6,3032,063Up 205.5
Total non-operating income24,78224,679Up 0.4
Non-operating expenses
Interest expenses2,0201,909Up 5.8
Bond issuance costs213177Up 20.3
Other1,6651,935Down 14.0
Total non-operating expenses3,9004,022Down 3.0
Ordinary profit174,58786,930Up 100.8
Extraordinary income
Gain on sale of non-current assets11,03112,235Down 9.8
Gain on sale of investment securities6,2065,282Up 17.5
Gain on sale of shares of subsidiaries and associates39
Gain on reversal of share acquisition rights1,164667Up 74.5
Total extraordinary income18,44118,185Up 1.4
Extraordinary losses
Loss on sale and retirement of non-current assets1,8182,279Down 20.2
Impairment losses3,799
Loss on sale of investment securities7142Down 95.1
Loss on valuation of investment securities2322,215Down 89.5
Loss on valuation of shares of subsidiaries and associates2,587432Up 498.8
Loss on change in equity7185Down 16.5
Provision of reserve for financial instruments transaction liabilities1,349570Up 136.7
Business restructuring expenses3,0242,173Up 39.2
Expenses related to the 120th anniversary project452
Other140
Total extraordinary losses13,0328,350Up 56.1
Profit before income taxes179,99796,766Up 86.0
Income taxes - current55,96019,980Up 180.1
Income taxes - deferred-6,3993,102Deterioration
Total income taxes49,56123,082Up 114.7
Profit130,43673,683Up 77.0
Profit attributable to non-controlling interests8,8789,808Down 9.5
Profit attributable to owners of parent121,55763,875Up 90.3
Basic earnings per shareJPY84.94JPY43.53Up 95.1
Average number of shares1,431,033,4481,467,422,357Down 2.5

BALANCE SHEET AS REPORTED (FY 2024 [year-ended 31 March 2024 ])

DescriptionJPY MillionJPY Million
Mar 3120242023Change %
Assets
Current assets
Cash and deposits4,398,6163,866,819Up 13.8
Segregated deposits544,815541,629Up 0.6
Notes and accounts receivable - trade and contract assets29,62722,062Up 34.3
Securities1,410,8771,131,682Up 24.7
Trading products7,534,9997,625,713Down 1.2
Trading securities and other4,870,6575,425,159Down 10.2
Derivatives2,664,3412,200,554Up 21.1
Operational investment securities138,663127,693Up 8.6
Allowance for investment loss-4-70Improved 94.3
Operating loans2,722,3212,015,034Up 35.1
Work in process839853Down 1.6
Margin transaction assets158,635160,255Down 1.0
Margin loans149,301153,574Down 2.8
Cash collateral provided for securities borrowed in margin transactions9,3336,680Up 39.7
Loans secured by securities12,368,4728,341,562Up 48.3
Cash collateral provided for securities borrowed9,128,4566,844,292Up 33.4
Securities purchased under resale agreements3,240,0151,497,270Up 116.4
Advances paid33,63318,756Up 79.3
Short-term loans receivable791810Down 2.3
Accrued revenue88,46063,805Up 38.6
Other current assets1,018,117965,074Up 5.5
Allowance for doubtful accounts-9,554-8,822Deterioration 8.3
Total current assets30,439,31324,872,860Up 22.4
Non-current assets
Property plant and equipment921,181916,873Up 0.5
Buildings net238,526241,775Down 1.3
Machinerys and equipmentsnet6,0969,103Down 33.0
Equipment17,12317,449Down 1.9
Land643,845643,695Up
Construction in progress15,5894,850Up 221.4
Intangible assets127,602125,571Up 1.6
Goodwill17,13918,526Down 7.5
Leasehold interests in land5,6385,638Steady
Software69,50265,251Up 6.5
Other35,32236,154Down 2.3
Investments and other assets539,201497,943Up 8.3
Investment securities492,226455,317Up 8.1
Long-term loans receivable7,2166,498Up 11.0
Long-term guarantee deposits15,90315,796Up 0.7
Deferred tax assets6,8257,840Down 12.9
Other19,81317,771Up 11.5
Allowance for doubtful accounts-2,783-1,660Deterioration 67.7
Allowance for investment loss-3,620
Total non-current assets1,587,9861,540,388Up 3.1
Total assets32,027,29926,413,248Up 21.3
Liabilities
Current liabilities
Notes and accounts payable - trade8,5078,120Up 4.8
Trading products5,863,8215,442,548Up 7.7
Trading securities and other3,368,6793,451,608Down 2.4
Derivatives2,495,1411,990,940Up 25.3
Trade date accrual1,457,3011,155,831Up 26.1
Margin transaction liabilities54,41452,785Up 3.1
Margin borrowings4,7693,817Up 24.9
Cash received for securities sold in margin transactions49,64548,967Up 1.4
Borrowings secured by securities11,698,9567,929,609Up 47.5
Cash collateral received for securities lent8,270,9456,508,873Up 27.1
Securities sold under repurchase agreements3,428,0111,420,735Up 141.3
Deposits for banking business4,511,6033,932,761Up 14.7
Deposits received562,416430,664Up 30.6
Guarantee deposits received522,809431,383Up 21.2
Short-term borrowings1,272,8591,292,848Down 1.5
Commercial papers440,000261,300Up 68.4
Current portion of bonds payable159,780485,029Down 67.1
Income taxes payable42,91610,675Up 302.0
Provision for bonuses43,05433,287Up 29.3
Other current liabilities159,110114,430Up 39.0
Total current liabilities26,797,55021,581,275Up 24.2
Non-current liabilities
Bonds payable1,276,3121,304,543Down 2.2
Long-term borrowings2,020,8121,706,985Up 18.4
Deferred tax liabilities45,61642,280Up 7.9
Retirement benefit liability43,71544,309Down 1.3
Provision for loss on litigation235169Up 39.1
Other noncurrent liabilities48,76153,906Down 9.5
Total non-current liabilities3,435,4523,152,195Up 9.0
Reserves under special laws
Reserve for financial instruments transaction liabilities5,6374,287Up 31.5
Total reserves under special laws5,6374,287Up 31.5
Total liabilities30,238,64024,737,758Up 22.2
Net assets
Shareholders' equity
Share capital247,397247,397Steady
Capital surplus232,461230,274Up 0.9
Retained earnings961,438886,160Up 8.5
Treasury shares-123,153-71,522Deterioration 72.2
Deposits for subscriptions of treasury shares83
Total shareholders' equity1,318,2271,292,309Up 2.0
Accumulated other comprehensive income
Valuation difference on available-for-sale securities52,93624,717Up 114.2
Deferred gains or losses on hedges16,87316,028Up 5.3
Foreign currency translation adjustment134,14974,785Up 79.4
Total accumulated other comprehensive income203,959115,531Up 76.5
Share acquisition rights6,9568,793Down 20.9
Non-controlling interests259,515258,855Up 0.3
Total net assets1,788,6581,675,489Up 6.8
Total liabilities and net assets32,027,29926,413,248Up 21.3

CASH FLOW AS REPORTED (FY 2024 [year-ended 31 March 2024 ])

DescriptionJPY MillionJPY Million
Mar 3120242023Change %
Cash flows from operating activities
Profit before income taxes179,99796,766Up 86.0
Depreciation45,27443,954Up 3.0
Amortization of goodwill1,8771,818Up 3.2
Increase (decrease) in allowance for doubtful accounts2,2441,142Up 96.5
Increase (decrease) in reserve for financial instruments transaction liabilities1,349570Up 136.7
Interest and dividend income-6,750-3,694Deterioration 82.7
Interest expenses2,0201,909Up 5.8
Share of loss (profit) of entities accounted for using equity method-4,828-8,954Improved 46.1
Loss (gain) on sale and retirement of non-current assets-9,212-9,956Improved 7.5
Loss (gain) on sale of investment securities-6,198-5,140Deterioration 20.6
Loss (gain) on change in equity7185Down 16.5
Loss (gain) on valuation of investment securities2322,215Down 89.5
Impairment losses3,799
Decrease (increase) in cash segregated as deposits for customers-12,238-22,434Improved 45.4
Decrease (increase) in trading products - assets (liabilities)823,2051,517,792Down 45.8
Decrease (increase) in operational investment securities-10,5401,400Deterioration
Decrease (increase) in operating loans receivable-697,799-75,250Deterioration 827.3
Decrease/increase in margin transaction assets/liabilities3,249-387Recovery
Decrease/increase in loans/borrowings secured by securities-300,962-1,514,593Improved 80.1
Decrease (increase) in short-term loans receivable-290-27Deterioration 974.1
Increase (decrease) in deposits for banking business578,841-256,343Recovery
Decrease (increase) in short-term guarantee deposits-6,535-41,345Improved 84.2
Increase (decrease) in guarantee deposits received91,58984,214Up 8.8
Increase (decrease) in deposits received125,091-31,975Recovery
Other net-92,85654,127Deterioration
Subtotal710,631-164,109Recovery
Interest and dividends received11,0728,079Up 37.0
Interest paid-2,013-2,199Improved 8.5
Income taxes refund (paid)-14,566-25,515Improved 42.9
Net cash provided by (used in) operating activities705,124-183,745Recovery
Cash flows from investing activities
Payments into time deposits-83,655-60,060Deterioration 39.3
Proceeds from withdrawal of time deposits73,48169,862Up 5.2
Purchase of securities-726,288-567,453Deterioration 28.0
Proceeds from sale and redemption of securities563,565614,968Down 8.4
Purchase of property plant and equipment-27,781-47,702Improved 41.8
Proceeds from sale of property plant and equipment19,06328,575Down 33.3
Purchase of intangible assets-36,714-33,546Deterioration 9.4
Purchase of investment securities-25,361-23,555Deterioration 7.7
Proceeds from sale and redemption of investment securities38,10440,022Down 4.8
Purchase of shares of subsidiaries and associates-10,993-12,140Improved 9.4
Loan advances-396-468Improved 15.4
Proceeds from collection of loans receivable171107Up 59.8
Other net-7,182-1,152Deterioration 523.4
Net cash provided by (used in) investing activities-223,9867,457Deterioration
Cash flows from financing activities
Net increase (decrease) in short-term borrowings-32,234-428,321Improved 92.5
Proceeds from long-term borrowings636,083589,550Up 7.9
Repayments of long-term borrowings-131,651-424,580Improved 69.0
Proceeds from issuance of bonds335,871350,861Down 4.3
Redemption of bonds-701,851-582,999Deterioration 20.4
Proceeds from sale of treasury shares9,446803Up 1,076.3
Purchase of treasury shares-60,012-19,733Deterioration 204.1
Dividends paid-44,746-39,905Deterioration 12.1
Dividends paid to non-controlling interests-10,609-10,622Improved 0.1
Other net-3,142-931Deterioration 237.5
Net cash provided by (used in) financing activities-2,847-565,878Improved 99.5
Effect of exchange rate change on cash and cash equivalents38,10123,349Up 63.2
Net increase (decrease) in cash and cash equivalents516,392-718,816Recovery
Cash and cash equivalents at beginning of period3,835,5594,554,375Down 15.8
Cash and cash equivalents at end of period4,351,9513,835,559Up 13.5

Download DAIWA SECURITIES Financials Past 10 Years


Description (March 31)20242023202220212020
Income Statement
Revenue per share 412.93316.35333.68306.52276.29
EBITDA (B)215.1131.3176.5178.5115.6
Depreciation (B)35.134.534.833.930.8
Tax (B)49.623.137.534.923.6
Net profit (B)121.663.994.9108.460.3
EPS 84.9443.5363.0671.239.11
Balance Sheet
Equity Share Capital (B)1,529.11,416.61,382.41,342.71,218.9
Retained Earnings (B)968.4895951.9920.9843.3
Total Debt (B)5,169.85,050.710,221.55,021.34,295.3
Total Assets (B)32,027.326,413.227,531.126,099.323,822.1
Current Asset (B)30,439.324,872.926,009.624,646.322,846.6
Fixed Asset (B)921.2916.9913.9880.519.2
Working Capital (B)3,641.83,291.63,064.43,4272,927.9
Cash Flow
Operating Cash Flow (B)705.1(183.7)(353.5)391167.2
Investing Cash Flow (B)(224)7.5(218.5)(91.6)(215.4)
Financing Cash Flow (B)(2.8)(565.9)377.1438.1(135.8)
Net Cash Flow (B)478.3(742.2)(194.9)737.4(184)

Description (March 31)20192018201720162015
Income Statement
Revenue per share 276.25378.62391.05
EBITDA (B)362.9326.5261.1283.3
Depreciation (B)25.324.323.423.820.7
EBIT (B)337.6302.2237.7259.41.5
Interest (B)242.5148.398.789.51.5
Profit before tax (B)95.1153.9139169.9181.8
Tax (B)31.338.534.746.927.4
Net profit (B)63.8110.6104.1116.8154.3
EPS 39.9566.8867.6686.72
Balance Sheet
Equity Share Capital (B)1,253.21,370.51,259.61,228.8
Retained Earnings (B)814.5785.7718.2683.9623.2
Total Debt (B)4,334.69,880.39,726.85,721.37,164.9
Total Assets (B)21,126.721,13519,827.320,420.822,981.7
Current Asset (B)20,405.620,478.519,258.919,851.622,171.5
Fixed Asset (B)168.157125124.6458.1
Working Capital (B)3,323.63,443.43,251.13,023.72,834.3
Cash Flow
Operating Cash Flow (B)304.9(1,319.2)44.5221.7725.3
Investing Cash Flow (B)108.2777.9307.7415.6(13.3)
Financing Cash Flow (B)55.7432.8143.2(229.7)343.1
Net Cash Flow (B)468.8(108.6)495.5407.71,055.2