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    Mia Nagasaka

    Research Analyst at Morgan Stanley MUFG Securities Co., Ltd.

    Mia Nagasaka is an Executive Director and Senior Equity Analyst at Morgan Stanley MUFG Securities, specializing in coverage of the Japanese financial sector, including major institutions such as Concordia Financial Group, SBI Holdings, and Nomura Holdings. With a decade-plus career as an equity analyst, she transitioned from covering the Japan gaming and TMT sectors to financials in 2016 and has become a recognized industry voice for fundamental analysis and stock valuation in Japan. Prior to joining Morgan Stanley, Mia held analyst roles at Nomura Securities and Barclays Securities Japan, building a strong track record of in-depth research and client advisory. She holds leading industry credentials and has earned distinction for her analytical rigor and for promoting diversity within the Japanese finance industry.

    Mia Nagasaka's questions to NOMURA HOLDINGS (NMR) leadership

    Mia Nagasaka's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2025

    Question

    Mia Nagasaka asked for a segment-by-segment strategy breakdown for achieving the 8-10% ROE target. She also questioned why recurring revenue in Wealth Management grew faster than recurring assets, asking about product strategy and margins.

    Answer

    Takumi Kitamura, CFO, outlined that stable profits from Wealth Management and Investment Management are key to the ROE goal, capitalizing on the 'savings to investment' trend. For the Wholesale division, the focus is on improving the high cost-income ratio. He suggested the strong recurring revenue growth relative to assets was likely a spot-quarter anomaly rather than a structural shift in product mix or margins.

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    Mia Nagasaka's questions to Daiwa Securities Group (DSEEY) leadership

    Mia Nagasaka's questions to Daiwa Securities Group (DSEEY) leadership • Q3 2024

    Question

    Mia Nagasaka of Morgan Stanley MUFG Securities noted that current performance, especially base income, appears to be front-loading the medium-term plan targets set for March 2027. She asked for commentary on potential upsides and concerns by division and whether the company might revise its targets upward.

    Answer

    An executive acknowledged that performance is trending ahead of their medium-term plan's assumptions, particularly the base income target of JPY 150 billion for the plan's third year. However, they stated there is no intention to formally revise the plan's targets at this moment. They attributed the outperformance to strong results in the Wealth Management division, driven by a favorable market environment and successful sales activities, which they will continue to monitor closely.

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    Mia Nagasaka's questions to MIZUHO FINANCIAL GROUP (MFG) leadership

    Mia Nagasaka's questions to MIZUHO FINANCIAL GROUP (MFG) leadership • FY 2021

    Question

    Mia Nagasaka of Morgan Stanley asked for a reconciliation of market-related revenue forecasts, questioning the potential for upside beyond the guided JPY 20 billion. She also sought clarity on Mizuho's strategy for its foreign bond portfolio, given the reduction in position size and duration.

    Answer

    Makoto Umemiya, Deputy President & Group CDIO & Group CFO, explained that while carry gains from foreign bonds will decrease, this is offset by the non-recurrence of significant capital losses from the previous year. He noted that market volatility creates opportunities for the sales and trading business, which is expected to see an upside. Mr. Umemiya confirmed the outlook for a JPY 20 billion increase in net business profit, attributing some of this growth to customer group performance, not solely the markets department.

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    Mia Nagasaka's questions to MIZUHO FINANCIAL GROUP (MFG) leadership • Q2 2022

    Question

    Mia Nagasaka from Morgan Stanley asked about the potential for further G&A expense reductions in the Retail & Business Banking division and questioned the sustainability of the high loan spread in the Global Corporate Company.

    Answer

    CFO Makoto Umemiya responded that while there is still room for G&A expense improvement, particularly from real estate optimization, necessary IT and operational investments might offset some gains. Regarding the GCC loan spread, he noted the current 1.06% level is very high and unlikely to improve further. However, he expects a level of sustainability and does not foresee it dropping below 1% in the short term.

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