Table of contents
Investment summary 3
Favor accumulating on weakness on any further decline 3
Basis for stock selection: whether all bad news is out 3
Online brokers at phase to look for next investment timing 3
Lower TPs and revise forecasts 3
2Q earnings preview: major brokers 4
Major brokers 4
Equity-related 4
Bond trading 6
Investment trusts 7
Other divisions 8
2Q earnings preview: online brokers 9
Equity trading 10
Forex trading 12
Investment trusts 12
Individual companies
Daiwa Securities Group (8601): No need for second capital increase; maintain
OUTPERFORM rating 13
Nomura Holdings (8604): Significantly undervalued; top sector pick 17
Mizuho Securities (8606): Apply a discount given lack of indicator for assessing capital
shortages or excesses 20
Matsui Securities (8628): Only online broker likely to report QoQ profit growth in 2Q 24
Monex Group (8698): Cautious stance ahead of results 28
kabu.com Securities (8703): Results unlikely to be turbulent 32