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    Koki Sato • JPMorgan Chase & Co.

    Koki Sato's questions to Nomura Holdings Inc (NMR) leadership

    Koki Sato's questions to Nomura Holdings Inc (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 Corp (IX) leadership

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

    Question

    Koki Sato of JPMorgan Chase & Co. inquired about the future outlook for ORIX USA, the expected timeline for its business normalization, and the specific reasons for the weak profit in its Credit subsegment during the third quarter.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, explained that while the P&L for the Credit business showed a slowdown due to the deal flow environment, the business impact is improving, highlighted by a new CLO issuance in January. He noted that the Real Estate business is recovering from a slow start with improving origination profitability. Mr. Yamamoto stated that while the Private Equity business shows signs of improvement, it will take time to absorb cost increases before activity fully recovers.

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

    Koki Sato's questions to Daiwa Securities Group Inc (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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