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    Futoshi Sasaki

    Research Analyst at Nomura Securities Co., Ltd.

    Futoshi Sasaki is an equity analyst at Nomura Securities Co., Ltd., specializing in Japan's financial sector with a focus on insurance and diversified financials. He currently covers major listed companies including Dai-ichi Life Holdings, T&D Holdings, Tokyo Century Corporation, and Sompo Holdings, providing detailed stock ratings and price targets; for example, he recently maintained a Hold rating on Dai-ichi Life Holdings with a price target of ¥1,100. Sasaki has established his analyst career at Nomura, where he has consistently contributed to company research and market coverage, though public rankings or detailed performance metrics such as success rates and historical returns are not available. While professional profile information regarding prior roles and securities licenses has not been made public, Sasaki is recognized among leading analysts following top Japanese financial firms, trusted by both institutional clients and investor relations teams.

    Futoshi Sasaki's questions to ORIX (IX) leadership

    Futoshi Sasaki's questions to ORIX (IX) leadership • Q3 2025

    Question

    Futoshi Sasaki from Nomura Securities Co., Ltd. sought clarification on the new mid-term plan, asking if it reflects a more conservative approach, why its formulation seems delayed, and how management justifies that an 11%+ ROE is 'within sight'.

    Answer

    Kazuki Yamamoto, Operating Officer, clarified the new plan is not conservative but employs a long-term (5-10 year) back-casting approach rather than a simple 3-year projection. He stated the 11%+ ROE target is considered achievable because it necessitates the aggressive capital recycling and shift to an asset management model that the company is now discussing in granular detail for both new and existing investments to improve capital efficiency.

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    Futoshi Sasaki's questions to ORIX (IX) leadership • Q3 2024

    Question

    Asked for a breakdown of the strong Q3 earnings, particularly the drivers of the base profit increase. He also questioned if this profit level is sustainable and could lead to achieving the JPY 400 billion full-year target. He followed up by asking if there is room to increase the 33% dividend payout ratio.

    Answer

    The executive attributed the Q3 base profit growth to PE investments (DHC, Toshiba), contributions from Environment & Energy, and signs of overseas business bottoming out. While Q4 faces negative seasonality in renewables, the goal is to achieve a JPY 100 billion quarterly base profit to support the JPY 400 billion annual target. Regarding the dividend, they are not considering lowering the 33% payout ratio and are open to increasing it to enhance shareholder returns, contingent on profit growth.

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

    Futoshi Sasaki's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Futoshi Sasaki asked for guidance on the earnings outlook for the fiscal year ending March 2026, specifically if ordinary income could exceed JPY 200 billion. He also inquired if another large share buyback could be expected.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, declined to provide a specific forecast but noted that while some areas face challenges, the Wealth Management business remains steady. He framed FY2026 as a step towards the medium-term target of JPY 240 billion. He clarified that the FY2024 result was closer to JPY 200 billion excluding a one-off goodwill factor. On future buybacks, he reiterated that the decision would be based on a comprehensive review of multiple factors.

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    Futoshi Sasaki's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Futoshi Sasaki asked for an outlook for the fiscal year ending March 2026, questioning if ordinary income could exceed JPY 200 billion. He also inquired if another large share buyback could be expected if earnings were to decline.

    Answer

    Executive Managing Director and CFO Kotaro Yoshida refrained from giving specific guidance but outlined a potential path to JPY 200 billion ordinary income, contingent on achieving JPY 150 billion in base income plus contributions from other divisions. He noted FY2024's underlying result was closer to JPY 200 billion when excluding a one-off gain. Regarding future buybacks, he reiterated that the decision would be based on a comprehensive review of market conditions, financial standing, and growth opportunities.

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    Futoshi Sasaki's questions to Daiwa Securities Group (DSEEY) leadership • Q3 2024

    Question

    Futoshi Sasaki from Nomura Securities asked for clarification on several financial details: the composition of the JPY 26.6 billion in non-operating revenues, the nature of gains from equity method investments, and the primary drivers behind the quarterly increase in the Wealth Management division's equity-related revenue.

    Answer

    Kotaro Yoshida, Executive, confirmed that the non-operating revenues included gains from both real estate asset sales and private equity investments. He explained that equity method gains come from minority investments where Daiwa has influence but not full control. He attributed the rise in Wealth Management equity revenue to strong performance in both primary markets, boosted by large IPOs, and secondary markets, particularly in foreign equities.

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    Futoshi Sasaki's questions to SMPNY leadership

    Futoshi Sasaki's questions to SMPNY leadership • Q3 2024

    Question

    Questioned the timing of deploying proceeds from a large share sale and asked if the significant reserve strengthening in the overseas business was pre-planned or an opportunistic use of a profit buffer.

    Answer

    The proceeds from the share sale will be used for shareholder returns for the current fiscal year (e.g., share repurchases) and for growth investments in the next mid-term plan. The reserve strengthening was an appropriate action taken during the year to reach a conservative level, not just a use of an unexpected profit buffer.

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