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Matsui Securities / 8628 Matsui Securities / 8628 COVERAGE INITIATED ON: 2014.06.04 LAST UPDATE: 2021.07.27 Shared Research Inc. has produced this report by request from the company discussed in the report. The aim is to provide an “owner’s manual” to investors. We at Shared Research Inc. make every effort to provide an accurate, objective, and neutral analysis. In order to highlight any biases, we clearly attribute our data and findings. We will always present opinions from company management as such. Our views are ours where stated. We do not try to convince or influence, only inform. We appreciate your suggestions and feedback. Write to us at [email protected] or find us on Bloomberg. Research Coverage Report by Shared Research Inc. Matsui Securities / 8628 RCoverage LAST UPDATE: 2021.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp INDEX How to read a Shared Research report: This report begins with the trends and outlook section, which discusses the company’s most recent earnings. First-time readers should start at the business section later in the report. Key financial data ------------------------------------------------------------------------------------------------------------------------------------- 3 Recent updates ---------------------------------------------------------------------------------------------------------------------------------------- 4 Highlights ------------------------------------------------------------------------------------------------------------------------------------------------------------ 4 Trends and outlook ----------------------------------------------------------------------------------------------------------------------------------- 5 Quarterly trends and results ----------------------------------------------------------------------------------------------------------------------------------- 5 Medium/long-term Outlook --------------------------------------------------------------------------------------------------------------------------------- 18 Business ------------------------------------------------------------------------------------------------------------------------------------------------ 26 Industry innovator with focus on earnings -------------------------------------------------------------------------------------------------------------- 26 Earnings structure ----------------------------------------------------------------------------------------------------------------------------------------------- 34 Strengths and weaknesses ------------------------------------------------------------------------------------------------------------------------------------ 40 Market and value chain ---------------------------------------------------------------------------------------------------------------------------------------- 42 Historical performance ---------------------------------------------------------------------------------------------------------------------------------------- 60 Income statement ----------------------------------------------------------------------------------------------------------------------------------------------- 85 Balance sheet ----------------------------------------------------------------------------------------------------------------------------------------------------- 86 Cash flow statement -------------------------------------------------------------------------------------------------------------------------------------------- 89 Other information ---------------------------------------------------------------------------------------------------------------------------------- 90 History -------------------------------------------------------------------------------------------------------------------------------------------------------------- 90 News and topics ------------------------------------------------------------------------------------------------------------------------------------------------- 93 Major shareholders --------------------------------------------------------------------------------------------------------------------------------------------- 95 Shareholder returns--------------------------------------------------------------------------------------------------------------------------------------------- 95 Company profile ------------------------------------------------------------------------------------------------------------------------------------------------- 96 02/97 Matsui Securities / 8628 RCoverage LAST UPDATE: 2021.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Key financial data Income statement FY03/12 FY03/13 FY03/14 FY03/15 FY03/16 FY03/17 FY03/18 FY03/19 FY03/20 FY03/21 (JPYmn) Cons. Parent Parent Parent Parent Parent Parent Parent Parent Parent Operating revenue 17,703 20,799 39,883 34,306 34,435 27,727 32,210 27,313 24,150 30,082 YoY -19.9% 17.5% 91.8% -14.0% 0.4% -19.5% 16.2% -15.2% -11.6% 24.6% Net operating revenue 16,728 19,915 38,738 32,893 33,003 26,499 30,480 25,999 22,345 28,672 YoY -21.5% 19.1% 94.5% -15.1% 0.3% -19.7% 15.0% -14.7% -14.1% 28.3% Operating profit 7,368 10,195 27,090 22,087 21,745 14,939 18,532 13,451 8,909 12,827 YoY -12.8% 38.4% 165.7% -18.5% -1.5% -31.3% 24.1% -27.4% -33.8% 44.0% Operating profit 41.6% 49.0% 67.9% 64.4% 63.1% 53.9% 57.5% 49.2% 36.9% 42.6% Recurring profit 7,426 10,245 27,175 22,202 21,833 15,044 18,632 13,592 9,016 12,919 YoY -12.4% 38.0% 165.3% -18.3% -1.7% -31.1% 23.9% -27.1% -33.7% 43.3% Recurring profit 41.9% 49.3% 68.1% 64.7% 63.4% 54.3% 57.8% 49.8% 37.3% 42.9% Net income 4,263 6,427 16,300 15,571 14,763 10,697 12,908 9,562 6,136 10,283 YoY -21.2% 50.8% 153.6% -4.5% -5.2% -27.5% 20.7% -25.9% -35.8% 67.6% Net margin 24.1% 30.9% 40.9% 45.4% 42.9% 38.6% 40.1% 35.0% 25.4% 34.2% Per-share data Shares issued (year-end; '000) 269,265 269,265 269,265 269,265 259,265 259,265 259,265 259,265 259,265 259,265 EPS 16.6 25.0 6 3.5 60.7 57.5 41.7 50.3 37.2 23.9 40.0 EPS (fully diluted) - - - 60.6 57.5 41.7 50.2 37.2 23.9 40.0 Dividend per share 15.0 20.0 5 0.0 40.0 45.0 33.0 44.0 84.0 45.0 40.0 Book value per share 296.7 314.9 332.5 350.6 361.0 369.0 384.1 375.5 311.7 3 07.2 Balance sheet (JPYmn) Cash and cash equivalents 16,479 8,857 12,166 15,717 26,569 25,743 36,256 36,120 52,501 56,952 Cash segregated as deposits 227,911 300,116 341,812 462,912 375,812 467,212 455,512 424,512 449,312 564,012 Margin transaction assets 135,011 252,751 282,225 284,207 232,043 245,202 310,574 202,490 161,594 282,931 Total current assets 413,808 602,447 678,743 808,528 65 5,217 761,510 826,368 685,275 697, 272 949,221 Tangible fixed assets 1,047 927 998 1,039 953 9 58 845 1,255 1,410 1 ,608 Investments and other assets 2,191 4,158 5,886 4 ,765 4,256 4,129 4,640 4,948 5,222 5 ,345 Intangible assets 4,018 3,271 2,726 2 ,850 2,999 4,118 4,465 4,514 4,410 5 ,618 Total assets 421,063 610,804 688,353 817,183 66 3,425 770,716 836,318 695,993 708, 314 961,791 Deposits received 117,814 151,654 178,071 261,516 200,271 272,048 253,016 238,794 270,003 335,941 Guarantee deposits received 113,646 149,923 176,619 207,098 182,641 205,409 207,875 202,329 212,539 248,255 Short-term debt 56,550 137,525 176,100 164,600 128,050 126,100 187,600 97,800 78,900 207,900 Total current liabilities 343,603 528,430 600,058 724,237 56 7,151 672,527 734,322 596,188 624, 628 879,393 Long-term debt 25 - 150 50 - 1 50 50 - 150 50 Total fixed liabilities 232 433 1,009 257 208 358 258 383 556 251 Total liabilities 344,902 529,963 602,988 727,155 57 0,707 675,896 737,567 599,414 628, 029 882,578 Total net assets 76,161 80, 841 85, 365 90,029 92,718 94, 820 98, 751 96,579 80,285 79,213 Total interest-bearing debt 56,575 137,525 176,250 164,650 128,050 126,250 187,650 97,800 79,050 207,950 Cash flow statement (JPYmn) Cash flows from operating activities 10,388 -74,775 -18,060 21,871 43,431 11,510 -39,665 103,499 60,195 -111,926 Cash flows from investing activities -1,439 -791 -1,142 2,068 -824 -2,014 -2,067 -2,011 -2,749 -1,607 Cash flows from financing activities -9,310 77,102 25,910 -21,867 -48,147 -10,269 51,908 -101,650 -41,209 117,986 Financial ratios ROA (RP-based) 1.7% 2.0% 4.2% 2.9% 2.9% 2.1% 2.3% 1.8% 1.3% 1.5% ROE 5.6% 8.2% 19.6% 17.8% 16.2% 11.4% 13.4% 9.8% 7.0% 12.9% Equity ratio 18.1% 13.2% 12.4% 11.0% 14.0% 12.3% 11.8% 13.9% 11.3% 8.2% Source: Shared Research based on company data Note: Figures may differ from company materials due to differences in rounding methods. Note: The company does not disclose earnings forecasts. 03/97 Matsui Securities / 8628 RCoverage LAST UPDATE: 2021.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Recent updates Highlights On July 27, 2021, Matsui Securities Co., Ltd. announced earnings results for Q1 FY03/22; see the results section for details. On June 1, 2021, Shared Research updated the report following interviews with the company. For previous releases and developments, please refer to the News and topics section. 04/97 Matsui Securities / 8628 RCoverage LAST UPDATE: 2021.07.27 Research Coverage Report by Shared Research Inc. | www.sharedresearch.jp Trends and outlook Quarterly trends and results Cumulative FY03/21 FY03/22 (JPYmn) Q1Q2Q3Q4Q1Q2Q3Q4 Operating revenue 7,164 14,188 21,570 30,082 7,476 YoY 28.9% 25.9% 24.3% 24.6% 4.4% Net operating revenue 6,830 13,440 20,482 28,672 7,181 YoY 32.5% 29.4% 28.8% 28.3% 5.1% Commissions 4,671 8,789 13,210 18,557 4,249 YoY 55.4% 46.1% 40.9% 37.6% -9.0% Brokerage commissions 4,517 8,425 12,665 17,812 4,062 YoY 58.9% 48.3% 42.5% 38.6% -10.1%
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