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    Masao Muraki

    Senior Analyst and Global Financial Strategist at SMBC Nikko Securities Inc.

    Masao Muraki is a Senior Analyst and Global Financial Strategist at SMBC Nikko Securities Inc., specializing in equity research with a primary focus on the financial services sector. He covers major financial institutions including Nomura Holdings, Tokio Marine Holdings, and Sompo Holdings, providing in-depth analysis of market implications for leading global and Japanese banks such as JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, and Goldman Sachs, and is recognized for his sector expertise and consistent research contributions. Muraki has established a solid career at SMBC Nikko Securities Inc., consistently cited by top listed companies since at least 2019, though prior roles and full career timeline require further corroboration. While his professional credentials and securities licenses are not publicly specified, his recurring recognition in industry analyst coverage highlights his reputation and impact in financial equity research.

    Masao Muraki's questions to NOMURA HOLDINGS (NMR) leadership

    Masao Muraki's questions to NOMURA HOLDINGS (NMR) leadership • Q4 2025

    Question

    Masao Muraki asked about Nomura's Fixed Income performance, which appeared weak compared to U.S. peers, and questioned the firm's capital policy, specifically if the CET1 ratio target of around 12.8% drove the recent share buyback decision.

    Answer

    CFO Takumi Kitamura acknowledged the weakness in Fixed Income, attributing it to a different product mix (no commodities), challenges in structured rates and agency mortgages, and a difficult environment in Japan due to rising JGB yields. Regarding capital, Mr. Kitamura stated that the buyback decision was based on a holistic view of multiple capital ratios, not just a specific CET1 target, and that the official target range would be shared at the upcoming Investor Day.

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    Masao Muraki's questions to NOMURA HOLDINGS (NMR) leadership • Q3 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. inquired about the sustainability of the strong performance in the Wholesale fixed income business, particularly in U.S. securitized products, and its profitability under current regulations. He also asked about plans for further asset sales to improve efficiency, such as the company's holdings of NRI stock, following the announced sale of real estate.

    Answer

    CFO Takumi Kitamura confirmed the strength in securitized products was driven by active portfolio management and diversification into areas like CLOs and private credit, stating that the business has secured sufficient ROE. He noted there is still upside potential in rates products. Regarding asset sales, Mr. Kitamura explained the Takanawa property sale was timed with the development of a new headquarters and favorable market conditions, but clarified there are no current plans to alter the holding ratio of NRI stock. He also noted that Europe's profitability was boosted by contributions from Laser Digital and a recovery in the core fixed income business.

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    Masao Muraki's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2025

    Question

    Masao Muraki asked for details on the drivers of the strong performance in Spread Products, particularly in U.S. securitization and Japanese credit, and the related increase in risk-weighted assets (RWA) and Level 3 assets. He also inquired about the reasons for improved asset acquisition in Wealth Management.

    Answer

    Takumi Kitamura, CFO, explained that U.S. securitized products, where Nomura holds a top market share, accounted for 60% of the Spread Products' strength, with a strategic shift toward origination. The increase in RWA and Level 3 assets was attributed to yen depreciation and higher inventory from healthy client trading demand. For Wealth Management, Kitamura noted that strong client sentiment in a high-market environment is driving discretionary investments, as clients reinvest unrealized gains.

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    Masao Muraki's questions to ORIX (IX) leadership

    Masao Muraki's questions to ORIX (IX) leadership • Q3 2025

    Question

    Masao Muraki from SMBC Nikko Securities Inc. inquired about the status of discussions for the next mid-term plan's ROE and growth targets, and whether ORIX would adopt a more aggressive share buyback policy to drive EPS growth.

    Answer

    Kazuki Yamamoto, Operating Officer, stated that the new mid-term plan is under active discussion, considering long-term market changes. He highlighted ORIX's consistent history of share buybacks and its focus on EPS. The primary goal is to lift ROE from the high 9% range to the 11% target, which management believes is 'within sight' through capital recycling, leveraging its A-rated balance sheet, and shifting towards an asset management model.

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    Masao Muraki's questions to ORIX (IX) leadership • Q1 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. inquired about the impact of market fluctuations, specifically foreign exchange movements and potential interest rate cuts by the Fed and ECB, on ORIX's earnings. He also asked about the conditions under which it would be difficult to generate gains on sales from domestic private equity and real estate exits.

    Answer

    Kazuki Yamamoto, Operating Officer, explained that interest rate cuts in the U.S. and Europe would be a positive tailwind for ORIX, benefiting the aircraft, private equity, and real estate businesses. He noted that for domestic real estate, the weak yen and low interest rates have been supportive of sales, and there is still potential for growth. For domestic PE, he believes the positive effects of economic recovery on portfolio companies' profits would offset negative impacts from higher interest rates.

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    Masao Muraki's questions to ORIX (IX) leadership • Q1 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. inquired about the impact of market fluctuations, such as foreign exchange and interest rate changes, on ORIX's earnings and the specific conditions that would hinder the generation of gains from private equity and real estate exits.

    Answer

    Kazuki Yamamoto, Operating Officer, explained that interest rate cuts in the U.S. and Europe would be a positive tailwind for the company, particularly for the aircraft, private equity, and real estate businesses. He noted that for real estate, the weak yen and low domestic interest rates have been supportive of sales, and for private equity, a positive economic turnaround could offset the negative impact of higher rates on portfolio companies.

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    Masao Muraki's questions to ORIX (IX) leadership • Q1 2025

    Question

    Masao Muraki of SMBC Nikko Securities Inc. asked about the impact of market fluctuations, specifically foreign exchange and interest rate changes, on ORIX's earnings and inquired about the conditions that would hinder the generation of gains from private equity and real estate exits.

    Answer

    Kazuki Yamamoto, Operating Officer, explained that interest rate cuts in the U.S. and Europe would be a positive tailwind for earnings, particularly in the aircraft, private equity, and real estate businesses. He noted that while yen depreciation and low rates have supported real estate sales, there is still room for growth. Yamamoto also mentioned that a positive economic turnaround could offset the negative impact of higher interest rates on PE investments.

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    Masao Muraki's questions to ORIX (IX) leadership • Q3 2024

    Question

    Questioned the feasibility of the JPY 400 billion profit target for the next fiscal year, given the current dynamic of strong domestic performance offsetting overseas weakness. He sought clarity on the underlying plan and strategy to avoid future surprises, and also asked about the direction for the US credit portfolio.

    Answer

    The executive acknowledged the challenges overseas and does not expect a quick recovery. However, the JPY 400 billion target remains the working assumption for next year's plan. The core strategy of capital recycling without significant balance sheet expansion is unchanged. Regarding the US, the credit portfolio is being managed cautiously, but they see potential for renewed activity in areas like housing once interest rates ease.

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    Masao Muraki's questions to Daiwa Securities Group (DSEEY) leadership

    Masao Muraki's questions to Daiwa Securities Group (DSEEY) leadership • Q1 2025

    Question

    Masao Muraki inquired about the Investment Banking division's JPY 2 billion deficit, seeking a breakdown of the loss from Europe and the Americas and a timeline for profitability. He also asked about the full-year revenue pipeline for the Alternative Asset Management division and how the negative goodwill from the Aozora Bank investment might be treated.

    Answer

    CFO Kotaro Yoshida attributed a significant portion of the Investment Banking deficit (over JPY 3 billion) to upfront personnel costs in Europe and the Americas, but noted a strong pipeline with an expected 10-20% increase in deals that should lead to profitability later in the year. For Alternative Asset Management, he expects solid contributions to materialize towards the end of the year. He clarified that the negative goodwill from the Aozora investment is being finalized with auditors and is separate from the division's operational pipeline.

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    Masao Muraki's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Masao Muraki inquired about the Alternative Asset Management segment, seeking details on the Q4 loss in the energy investment portfolio and key indicators for future performance. He also asked for a monthly revenue breakdown for the Global Markets division from January through April.

    Answer

    Executive Managing Director and CFO Kotaro Yoshida explained that the Alternative Asset Management loss was due to revaluations and impairments on some energy investments, influenced by policy and interest rate shifts in the U.S. and Europe. For Global Markets, he noted that domestic FICC revenue was weak in January but recovered in February and March, while the Americas saw a challenging February. April continued to be difficult for domestic FICC due to high volatility.

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    Masao Muraki's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Masao Muraki inquired about the performance of the Alternative Asset Management segment, seeking reasons for losses in equity method affiliates and changes in the energy investment portfolio. He also asked for a monthly revenue breakdown for the Global Markets division from January through April.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, explained that the Alternative Asset Management portfolio is diversified, but revaluations of some energy investments were necessary due to policy and interest rate changes in the U.S. and Europe, leading to provisions. For Global Markets, he noted that domestic FICC revenue was weak in January but recovered in February and March, while April remained challenging due to high volatility.

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    Masao Muraki's questions to Daiwa Securities Group (DSEEY) leadership • Q3 2024

    Question

    Masao Muraki of SMBC Nikko Securities inquired about the Investment Banking division's outlook, asking about the strength of the ECM and M&A pipelines for Q4, especially related to the unwinding of cross-shareholdings. He also asked for an assessment of the company's indirect exposure to U.S. commercial real estate (CRE).

    Answer

    Kotaro Yoshida, Executive, confirmed that the pipeline for both ECM, driven by the unwinding of cross-shareholdings, and M&A remains strong heading into the fourth quarter. Regarding U.S. CRE exposure, Yoshida declined to comment directly on Daiwa's position, citing the matter's connection to Aozora Bank, but stated that Aozora Bank is progressing in line with its plans.

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    Masao Muraki's questions to Daiwa Securities Group (DSEEY) leadership • Q1 2024

    Question

    Masao Muraki of SMBC Nikko Securities Inc. questioned the performance of the Investment Banking division, focusing on the JPY 2 billion ordinary loss and the M&A deficit in Europe and the Americas. He asked for a timeline for profitability and inquired about the revenue pipeline for the Alternative Asset Management division and the accounting for negative goodwill from the Aozora Bank investment.

    Answer

    Kotaro Yoshida, CFO, attributed the Investment Banking loss primarily to Europe and the Americas (over JPY 3 billion) from upfront personnel costs, but noted the deal pipeline is expected to grow 10-20%, projecting a return to profitability as the year progresses. For Alternative Asset Management, he anticipates solid contributions later in the year. He clarified that the negative goodwill from the Aozora investment is still being finalized with auditors and is separate from other investment gains.

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    Masao Muraki's questions to SMPNY leadership

    Masao Muraki's questions to SMPNY leadership • Q3 2024

    Question

    Asked about the trend in auto insurance claim frequency, the timing of premium increases, and the strategy for selling strategically held equity stocks.

    Answer

    Executives explained that auto insurance frequency is stabilizing after a brief increase, a premium increase is being reviewed but not yet decided, and the sale of strategically held stocks is likely to be accelerated, with more details to come at the next day's IR meeting.

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    Masao Muraki's questions to SMPNY leadership • Q2 2024

    Question

    The analyst inquired about the potential for a further increase in the auto insurance loss ratio forecast due to rising traffic and questioned the priorities and timeline for profitability improvements in the next mid-term plan, given the challenges in both domestic and overseas P&C businesses.

    Answer

    The company responded that the auto loss ratio forecast is conservative despite higher-than-expected traffic, attributing some of the increase to inexperienced drivers. For the next mid-term plan, the focus will be on achieving a 90-95% combined ratio overseas and addressing domestic challenges, which may require time and investment, while also leveraging fixed-income assets for better returns.

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