【出版时间及名称】：2010年1月日本券商行业研究报告
        【作者】：瑞士信贷
        【文件格式】：pdf
        【页数】：45
        【目录或简介】：
Table of contents
Downgrade Nomura to NEUTRAL 3
Market expectations: already high, unlikely to rise much higher 3
Valuations 4
Prerequisite for any upwards revaluation is an expansion in profits from 4Q, but there is
still a risk 5
Candidates for a shift from Nomura 6
Brokerage sector: Daiwa and the online brokers are potential candidates but still lack
appeal 6
Financial sector: following bank financings, mega banks are candidates for a shift in
capital 6
3Q preview: major brokerages 8
Major brokerages 8
Equity-related 8
Bond trading 11
Investment trusts 12
Other divisions 13
3Q preview: online brokers 14
Equity trading 14
Forex trading 16
Investment trusts 16
Daiwa Securities Group (8601 / 8601 JP) 17
Not sufficient strength to drive a rally in the sector, maintain OUTPERFORM on process
of elimination 17
Nomura Holdings (8604 / 8604 JP) 22
High market expectations priced in; downgrade to NEUTRAL; profit-taking opportunity
on further gains 22
3Q results preview 23
Mizuho Securities (8606 / 8606 JP) 26
Lack of incentives to change our outlook, maintain NEUTRAL 26
Matsui Securities (8628 / 8628 JP) 28
Concerns from larger-than-expected unwinding of margin positions; downgrade to
NEUTRAL 28
3Q preview 29
No sign of clear recovery for market share 29
Monex Group (8698 / 8698 JP) 32
Despite brisk short-term earnings momentum, maintain NEUTRAL as share offers little
upside 32
kabu.com Securities (8703 / 8703 JP) 36
Maintain OUTPERFORM on proactive shareholder policies, FY3/11 cost cuts likely and
PTS potential 36