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    Kazuki Watanabe

    Senior Equity Analyst at Daiwa Securities Co. Ltd.

    Kazuki Watanabe is a Senior Equity Analyst at Daiwa Securities Co. Ltd. specializing in financial sector research, notably covering leading Japanese companies such as Nomura Holdings and Tokio Marine Holdings. He has demonstrated a strong performance track record with a 100% success rate on four covered stocks and holds a 2.32-star ranking on TipRanks, highlighting consistent investment calls. With a career spanning roles at Tohbu Network Co., Ltd. as Director & Executive Officer and research positions at Daiwa Capital Markets America, Daiwa Securities SMBC, and Daiwa Institute of Research, Watanabe brings over a decade of experience to his current post. His credentials likely include relevant securities analyst licenses and professional certifications, supporting his recognized expertise in Japan’s financial services sector.

    Kazuki Watanabe's questions to NOMURA HOLDINGS (NMR) leadership

    Kazuki Watanabe's questions to NOMURA HOLDINGS (NMR) leadership • Q4 2025

    Question

    Kazuki Watanabe inquired about the rationale for the JPY 60 billion share buyback, including the portion allocated for RSUs, and asked if Nomura plans to revise its holdings in strategic assets like NRI stock as part of its portfolio reshuffling.

    Answer

    CFO Takumi Kitamura explained that the JPY 60 billion buyback amount was determined after reviewing various capital ratios and confirmed it includes the RSU portion, with the total payout still exceeding the 50% target. He also stated that while the company is dynamically managing its portfolio, there are no current plans to change its stake in NRI.

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    Kazuki Watanabe's questions to NOMURA HOLDINGS (NMR) leadership • Q3 2025

    Question

    Kazuki Watanabe of Daiwa Securities Group Inc. asked about the business impact of tightened client visit rules on the Wealth Management division's sales activities. He also questioned the outlook for expenses, asking if the low cost-to-income ratio in Wealth Management is sustainable and if costs in the Wholesale division might rise now that its 80% cost-to-income target has been met.

    Answer

    CFO Takumi Kitamura responded that there has been minimal impact on business with existing clients due to strong relationships, although new client acquisition has slowed slightly. On expenses, he stated that cost controls in Wealth Management are stable and effective. While future IT investments may temporarily increase costs, they are aimed at long-term reductions. For the Wholesale division, Mr. Kitamura affirmed that disciplined cost control will continue despite reaching the 79% cost-to-income ratio, as the company aims to provide stability to stakeholders, though he noted that inflationary pressures abroad present a challenge.

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    Kazuki Watanabe's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2025

    Question

    Kazuki Watanabe inquired about the strength of the Investment Banking (IB) pipeline, especially for large offerings, and which schemes for reducing corporate cross-shareholdings are most profitable. He also asked about the outlook for the CET1 ratio after Basel III finalization and the timing for disclosing a new target.

    Answer

    CFO Takumi Kitamura confirmed the IB pipeline is robust, with significant activity expected in Japanese follow-on public offerings (FPOs), an area of strength for Nomura. Regarding capital, Kitamura stated the outlook for the CET1 ratio under the finalized Basel III framework has not significantly changed and that the company aims to disclose a new target level sometime within the current year.

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    Kazuki Watanabe's questions to ORIX (IX) leadership

    Kazuki Watanabe's questions to ORIX (IX) leadership • Q3 2025

    Question

    Kazuki Watanabe from Daiwa Securities Group Inc. questioned if ORIX's view on the profitability of its domestic finance business has changed due to the macro environment and asked for clarification on the quality of its base profit.

    Answer

    Kazuki Yamamoto, Operating Officer, responded that the view on the domestic Finance business is largely unchanged, with rising interest rates seen as a positive for life insurance asset management, supporting stable profits. He clarified that the 'focus on asset management' is a strategy to use third-party capital to scale businesses and create a hybrid finance/investment model. He reassured that growing base profit remains a key priority for the Board, in conjunction with capital recycling.

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    Kazuki Watanabe's questions to ORIX (IX) leadership • Q1 2025

    Question

    Kazuki Watanabe from Daiwa Securities Co. Ltd. asked for details on the acquisition of Panasonic Connect's projector business, specifically questioning its expected profit contribution size and potential synergies with ORIX's existing operations like MICE IR.

    Answer

    Kazuki Yamamoto, Operating Officer, clarified that the deal is a large-scale carve-out investment, which may take longer to contribute to profitability compared to traditional deals, though the ultimate ROI is expected to be similar. He stated that synergies are not factored into the initial valuation and are considered potential upside, with the primary focus being on applying ORIX's PE know-how to the business as a standalone entity.

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    Kazuki Watanabe's questions to ORIX (IX) leadership • Q1 2025

    Question

    Kazuki Watanabe of Daiwa Securities Group Inc. asked about the recent acquisition of Panasonic Connect's projector business, seeking details on its expected profit contribution and potential synergies with ORIX's existing businesses like Toshiba or its MICE IR project.

    Answer

    Kazuki Yamamoto, Operating Officer, described the deal as a carve-out investment where ORIX can leverage its PE expertise. While not disclosing the exact investment amount, he cautioned that achieving profitability may take time due to the business's scale, but the expected ROI is consistent with traditional PE deals. He stated that the business is evaluated on a standalone basis, and while synergies are a potential upside, they are not factored into the initial valuation.

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    Kazuki Watanabe's questions to ORIX (IX) leadership • Q1 2025

    Question

    Kazuki Watanabe of Daiwa Securities Co. Ltd. inquired about the recent acquisition of Panasonic Connect's projector business, asking for details on its expected profit contribution, the timeline to profitability, and any potential synergies with ORIX's existing operations like MICE IR.

    Answer

    Kazuki Yamamoto, Operating Officer, stated that while the enterprise value of the acquisition is JPY 118.5 billion, the actual investment amount is undisclosed. He cautioned that profitability may take time due to the deal's carve-out nature but expects the ultimate ROI to align with traditional PE deals. Yamamoto clarified that synergies are viewed as a potential upside rather than being factored into the initial valuation, with the primary focus on applying ORIX's PE expertise to the standalone business.

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    Kazuki Watanabe's questions to SMPNY leadership

    Kazuki Watanabe's questions to SMPNY leadership • Q3 2024

    Question

    Asked why the strong profit progress didn't lead to a guidance upgrade, requested loss estimates for recent natural disasters, and inquired about the rationale for the stock split and its impact on dividend policy.

    Answer

    The guidance was maintained due to expected Q4 seasonality and some headwinds in the domestic P&C business. Natural disaster losses from the Noto earthquake and Kanto snow are within the annual budget. The stock split aims to improve liquidity for retail investors, and the policy of steady dividend growth remains unchanged.

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    Kazuki Watanabe's questions to SMPNY leadership • Q2 2024

    Question

    The analyst asked about the impact of the Bigmotor scandal on October auto insurance sales and the feasibility of a price hike. He also inquired whether regulatory actions related to the scandals would affect the company's shareholder return policy, particularly share buybacks.

    Answer

    The company confirmed a negative impact on October auto sales from reduced referrals and stated that while a price hike is desired, the timing is uncertain. Regarding shareholder returns, they indicated that decisions on buybacks are ad hoc and not directly tied to regulatory outcomes, with a continued focus on profit growth and enhancing dividends.

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