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    Daisuke Sasaki • Nomura Securities Co., Ltd.

    Daisuke Sasaki's questions to Daiwa Securities Group Inc (DSEEY) leadership

    Daisuke Sasaki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q1 2025

    Question

    Daisuke Sasaki questioned the company's confidence in achieving its medium-term plan targets, given that Q1 results for ordinary profit and ROE appeared to be behind schedule. He also asked about any observable changes in customer behavior regarding the purchase of fund wrap products amid shifting market conditions.

    Answer

    CFO Kotaro Yoshida expressed strong confidence in the medium-term plan, highlighting the 22% year-over-year growth in 'base income' (from Wealth Management and Asset Management) as a key indicator of progress. He acknowledged weaker Q1 results in flow-dependent businesses but viewed this as short-term. He reported no major shifts in customer behavior, noting that fund wrap sales in July were even stronger than in Q1, driven by a comprehensive consultation approach and successful partnerships like the one with Japan Post Bank.

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    Daisuke Sasaki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q1 2024

    Question

    Daisuke Sasaki of Nomura Securities Co., Ltd. asked about management's confidence in achieving its medium-term plan targets, given that Q1 results for ordinary profit and ROE appeared to be behind schedule. He also inquired about any shifts in customer behavior regarding fund wrap products amid changing market conditions and the drivers behind strong retail asset inflows.

    Answer

    CFO Kotaro Yoshida expressed strong confidence, highlighting the 22% YoY growth in 'base income' (from Wealth and Asset Management), which is the core of their strategy. He acknowledged weaker flow income from Global Markets and IB but sees it as temporary. He reported no major negative shifts in customer behavior, noting that fund wrap sales were even stronger in July. He attributed strong inflows to new customer acquisition, successful bond offerings, and a broader trend of assets shifting from savings to investment, partly driven by partnerships like with Japan Post Bank.

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