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    Naruhiko Sakamaki

    Senior Analyst at Mizuho Securities Co., Ltd.

    Naruhiko Sakamaki is a Senior Analyst at Mizuho Securities Co., Ltd., specializing in equity research coverage of major Japanese financial and insurance companies. He covers leading firms including ACOM Co., Ltd., Daiwa Securities Group Inc., T&D Holdings, and Dai-ichi Life Holdings, providing analysis that informs institutional investors. Sakamaki began his career at Nomura Securities before joining Mizuho Securities, steadily advancing to a senior analyst role. He is recognized for his in-depth sector expertise and holds credentials consistent with industry standards for equity analysts in Japan.

    Naruhiko Sakamaki's questions to ORIX (IX) leadership

    Naruhiko Sakamaki's questions to ORIX (IX) leadership • Q3 2025

    Question

    Naruhiko Sakamaki of Mizuho Securities Co., Ltd. asked about contingency plans if the Greenko divestment is not completed by the fiscal year-end and the potential impact on the full-year profit target and dividend payout.

    Answer

    Kazuki Yamamoto, Operating Officer, expressed high confidence that the Greenko sale would be completed within the fiscal year. He confirmed there is no 'Plan B' to replace the JPY 96 billion in pre-tax profit, and failure to close the deal would likely mean missing the JPY 390 billion net income target. However, he noted that better-than-expected base profit performance in other areas could partially, but not fully, offset a potential shortfall.

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    Naruhiko Sakamaki's questions to ORIX (IX) leadership • Q1 2025

    Question

    Naruhiko Sakamaki from Mizuho Securities Co., Ltd. questioned the risks and opportunities in ORIX's U.S. businesses, asking for a potential timeline on when the company might see growth from Fed rate cuts and the expected impact on its credit, real estate, and private equity operations.

    Answer

    Kazuki Yamamoto, Operating Officer, projected that the U.S. credit-related businesses could see a recovery and earnings contribution sooner, possibly in the second half of the next year. However, he anticipates a longer recovery period for the real estate and private equity businesses, potentially taking one to two years to see a significant rebound, contingent on U.S. monetary policy and the upcoming presidential election.

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    Naruhiko Sakamaki's questions to ORIX (IX) leadership • Q1 2025

    Question

    Naruhiko Sakamaki of Mizuho Securities Co., Ltd. inquired about the risk and opportunity timeline for ORIX's U.S. businesses, asking how potential Federal Reserve rate cuts might impact the recovery and growth prospects of its credit, real estate, and private equity operations.

    Answer

    Kazuki Yamamoto, Operating Officer, projected that the U.S. credit market would likely see the earliest recovery, potentially contributing to earnings in the second half of the next year. He cautioned that the real estate and private equity businesses would likely experience a more delayed recovery, dependent on the magnitude of interest rate declines and broader market sentiment, necessitating a defensive posture for now.

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    Naruhiko Sakamaki's questions to ORIX (IX) leadership • Q1 2025

    Question

    Naruhiko Sakamaki of Mizuho Securities Co., Ltd. asked about the risks and opportunities in ORIX's U.S. businesses, specifically seeking management's view on a potential timeline for recovery and earnings growth if the U.S. Federal Reserve begins cutting interest rates.

    Answer

    Kazuki Yamamoto, Operating Officer, outlined a potential recovery timeline, suggesting that credit-related businesses could see a pickup earlier, possibly in the second half of the next year, following any rate cuts. He indicated that the recovery for real estate (mortgage) and private equity businesses might take longer, contingent on policy rate developments and the broader economic environment, including the U.S. presidential election.

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    Naruhiko Sakamaki's questions to ORIX (IX) leadership • Q3 2024

    Question

    Asked for an update on the capital recycling plan for the current and next fiscal year, inquiring about any changes to the exit strategy or timeline since the previous quarter's announcement.

    Answer

    The executive stated there are no major changes to the capital recycling plan. Deal exits are progressing as scheduled but will be concentrated in the latter part of the fiscal year. The company is negotiating cautiously and will not compromise on terms to meet the year-end target. For the next fiscal year, plans will adapt to macroeconomic conditions.

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    Naruhiko Sakamaki's questions to SMPNY leadership

    Naruhiko Sakamaki's questions to SMPNY leadership • Q2 2024

    Question

    The analyst requested clarification on the downward revision of the overseas business top line, specifically for the SI Commercial and Consumer segments, and asked for the reason behind the upward revision of the expense ratio.

    Answer

    The company explained the top-line revision was due to lower crop prices and the removal of unprofitable business in the commercial segment, and weakness in Brazil for the consumer segment. The higher expense ratio was attributed to crop insurance commissions, planned hiring for expansion, and inflation, but they noted these expense increases will be controlled going forward.

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