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    Koki Sato

    stock analyst at JPMorgan Chase & Co.

    Koki Sato is a stock analyst at J.P. Morgan specializing in general sectors, with coverage that includes Tokyo Century Corporation, Nomura Holdings, and a total of 14 companies. He has a track record marked by a 67% success rate and an average return of 2.2% per rating over a one-year period, according to TipRanks. Sato’s analytical work at J.P. Morgan dates back to at least 2020, with no prior employer history publicly documented. His professional credentials or securities licenses have not been publicly disclosed.

    Koki Sato's questions to NOMURA HOLDINGS (NMR) leadership

    Koki Sato's questions to NOMURA HOLDINGS (NMR) leadership • Q4 2025

    Question

    Koki Sato asked about the potential risk of counterparty or loan-related losses given April's market volatility and questioned the firm's ability to control the Wholesale division's cost-income ratio, seeking an evaluation of its recent performance and future outlook.

    Answer

    CFO Takumi Kitamura responded that the firm has been in a risk-off position since March and is managing risk tightly, with no major concerns at present despite the need for caution. He acknowledged there is room to improve the Wholesale cost-income ratio, explaining that Q4's higher ratio was partly due to strong, but high-cost, Equities execution revenue. He noted that cost-control initiatives in Wholesale are underway but will take more time to impact financial results.

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    Koki Sato's questions to ORIX (IX) leadership

    Koki Sato's questions to ORIX (IX) leadership • Q3 2025

    Question

    Koki Sato of JPMorgan Chase & Co. asked for an outlook on ORIX USA, including the expected timeline for business normalization and the reasons behind the weak Q3 profit in its Credit subsegment.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, explained that ORIX USA's Credit business is prioritizing quality over size, with a new CLO issuance in January indicating improvement. He noted the Real Estate business is recovering from high interest rates, with origination volumes picking up, and expects signs of recovery from the next fiscal year. The profit weakness was attributed to a general slowdown in deal flow rather than specific credit provisions, and portfolio quality monitoring remains robust.

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    Koki Sato's questions to ORIX (IX) leadership • Q1 2025

    Question

    Koki Sato of JPMorgan Chase & Co. asked for details on non-performing assets, noting an increase in the NPL ratio. He sought to understand the concentration of these assets, the future risks, and the potential for these to negatively impact the profit and loss statement.

    Answer

    Kazuki Yamamoto, Operating Officer, confirmed that the NPL balance is higher than historical levels, attributing the increase primarily to the classification of certain U.S. real estate financing deals. While some of these are expected to be recovered, he assured that ORIX is paying close attention to mortgage-related assets and has enhanced its management and review processes to mitigate potential future losses. He stated transparency has improved and the quality is being managed at a higher level.

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    Koki Sato's questions to ORIX (IX) leadership • Q1 2025

    Question

    Koki Sato from JPMorgan Chase & Co. raised concerns about asset quality, pointing to the increase in non-performing assets (NPLs) and asking for details on their concentration by asset type and the potential risk of future losses impacting the profit and loss statement.

    Answer

    Kazuki Yamamoto, Operating Officer, acknowledged that NPLs are higher than historical levels, attributing the increase primarily to the classification of certain U.S. real estate financing deals. He assured that the company has no major concerns as some will be recovered and that risk management has been enhanced, leading to better transparency and control over asset quality, particularly for mortgage-related assets.

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    Koki Sato's questions to ORIX (IX) leadership • Q1 2025

    Question

    Koki Sato of JPMorgan Chase & Co. questioned the increase in non-performing assets (NPLs), asking for the concentration of these assets by type and an assessment of the future risk that these could negatively impact the company's profit and loss statement.

    Answer

    Kazuki Yamamoto, Operating Officer, acknowledged that the NPL amount of over JPY 60 billion is higher than the historical JPY 30-40 billion range, attributing the increase primarily to the classification of certain U.S. real estate financing deals. While expressing no major concerns for some items expected to be recovered, he confirmed that the company is paying close attention to mortgage-related assets and has enhanced risk management, leading to improved transparency and control over asset quality.

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    Koki Sato's questions to ORIX (IX) leadership • Q3 2024

    Question

    Inquired about specific risks in the Asia business, asking which regions and business lines are facing challenges. He specifically asked about risks related to equity investments in China and Greater China and whether any impairments should be anticipated in Q4.

    Answer

    The executive clarified that while businesses in Australia, South Korea, and India are strong, challenges exist in Hong Kong's credit market, leading to increased credit allowances. For mainland China, they are cautious about lease customers' credit and are not adding new equity investments, instead looking for exit opportunities. Asset reviews are ongoing, and the strategy for Greater China is being formulated for the new business plan.

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    Koki Sato's questions to Daiwa Securities Group (DSEEY) leadership

    Koki Sato's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Koki Sato asked about the rationale for the JPY 50 billion share buyback, the company's capital adequacy under finalized Basel III rules, and the progress against its Medium-Term Management Plan targets, particularly the base profit goal.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, stated the record JPY 50 billion buyback balances shareholder returns with the need for growth investments. He confirmed capital levels remain sufficient post-buyback and that the impact from Basel III finalization is expected to be modest. He also assessed that the company is ahead of pace on its base profit target, driven by strong results from consulting activities in the Wealth Management division.

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    Koki Sato's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Koki Sato asked for the rationale behind the JPY 50 billion share buyback and whether capital levels would remain sufficient under finalized Basel III rules. He also requested an assessment of the company's progress toward its Medium-Term Management Plan targets, especially for base profit.

    Answer

    Executive Managing Director and CFO Kotaro Yoshida stated that the record JPY 50 billion buyback balances shareholder returns with the need to fund growth opportunities in a favorable but volatile market. He confirmed that capital levels remain adequate post-buyback and after accounting for Basel III impacts. He assessed progress on the medium-term plan as ahead of schedule, particularly on the base profit target, driven by strong performance in the Wealth Management and Asset Management divisions.

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    Koki Sato's questions to SMPNY leadership

    Koki Sato's questions to SMPNY leadership • Q3 2024

    Question

    Inquired about the rationale for the Palantir stock sale and the possibility of future sales, and asked for details on the significant strengthening of reserves in the overseas business.

    Answer

    The Palantir sale was a risk management decision to reduce concentration risk, and further sales are possible. The overseas reserve strengthening was a proactive measure for pre-2019 casualty lines to ensure future profit stability against social inflation, and is considered to be at a conservative, appropriate level.

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    Koki Sato's questions to SMPNY leadership • Q2 2024

    Question

    The analyst asked if the downward revision in auto insurance premiums was due to acquisition struggles and inquired about the impact on renewal rates. He also questioned if the company's policy on strategically held shares would change following the recent scandals and if they would be used for profit smoothing.

    Answer

    The company confirmed the premium revision was due to acquisition issues and that renewal rates have been stable so far, though they are monitoring for a delayed impact. They stated their policy on strategically held shares is unchanged, driven by economic rationality, and they will not be used for profit smoothing, with all practices under review to enhance corporate value.

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