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    Natsumu Tsujino

    Research Analyst at BofA Securities

    Natsumu Tsujino is Managing Director of Global Research at BofA Securities Japan, serving as a senior equity analyst specialized in the Japanese insurance and nonbank sectors. She covers major listed companies including Sompo Holdings and several other prominent financial institutions, and her stock calls have achieved success rates up to 100% on selected Buy recommendations with a TipRanks analyst rating of 2.12 stars. Tsujino began her career after receiving her MBA from the Wharton School and has held Managing Director roles at Mitsubishi UFJ Morgan Stanley Securities and J.P. Morgan Securities before joining BofA Securities. She is a CFA charterholder, a Chartered Member of the Securities Analysts Association of Japan, and serves on key committees for financial reporting standards in Japan.

    Natsumu Tsujino's questions to NOMURA HOLDINGS (NMR) leadership

    Natsumu Tsujino's questions to NOMURA HOLDINGS (NMR) leadership • Q4 2025

    Question

    Natsumu Tsujino asked for clarification on several items: whether the Q4 increase in IT expenditure is temporary, the outlook for M&A fees, the reason for weak investment trust sales in March, and whether April's performance commentary applied to the entire Global Markets division.

    Answer

    CFO Takumi Kitamura clarified that the Q4 IT expense increase was a one-off due to year-end factors. He noted that while the M&A pipeline has potential, market uncertainty is causing a wait-and-see attitude. Weak March investment trust sales were attributed to a lack of new fund launches and investor caution. Finally, he confirmed the April performance trend of weak Fixed Income and strong Equities applied to the Global Markets division as a whole.

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    Natsumu Tsujino's questions to NOMURA HOLDINGS (NMR) leadership • Q3 2025

    Question

    Natsumu Tsujino from Bank of America Securities asked for clarification on the shareholder return policy, specifically how the JPY 10 commemorative dividend impacts the 50%+ total payout ratio target and what to expect for future buybacks given the proceeds from a property sale. She also questioned if the recent success of private credit funds signals a new, more stable trajectory for Investment Trust sales in the Wealth Management division.

    Answer

    CFO Takumi Kitamura clarified that the JPY 10 commemorative dividend is a separate, one-time event and does not affect the standing policy of a 50% or greater total shareholder return ratio. He stated that proceeds from the property sale will be considered for shareholder returns, with the final decision on methods like buybacks to be made after assessing full Q4 results. Regarding investment trusts, Mr. Kitamura confirmed a focus on private products but stressed that launches would not be overly frequent due to a rigorous product governance and screening process to ensure quality and suitability for client risk appetites. He later specified that Laser Digital's profit is booked in the 'Others' segment as 'trading P&L'.

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    Natsumu Tsujino's questions to ORIX (IX) leadership

    Natsumu Tsujino's questions to ORIX (IX) leadership • Q3 2025

    Question

    Natsumu Tsujino of BofA Securities asked about the rationale for selling Greenko now versus other assets like Elawan in Europe, and also inquired about the lower-than-expected Q3 profit contribution from the Toshiba investment.

    Answer

    Kazuki Yamamoto, Operating Officer, explained that Greenko, as a minority investment in an emerging market, was always a candidate for capital recycling. In contrast, Elawan is a core developer asset in advanced nations, where volatile energy prices have delayed capital gains. Regarding Toshiba, he stated that ORIX does not disclose profit from individual investments and noted there are accounting time lags and structural complexities, though the underlying business trend is positive.

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    Natsumu Tsujino's questions to Daiwa Securities Group (DSEEY) leadership

    Natsumu Tsujino's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Natsumu Tsujino pressed for a more concrete explanation of the impairments and allowances in the Alternative Asset Management division, questioning the risk profile and the composition of the remaining JPY 140 billion portfolio. She also asked about the accounting treatment for the losses.

    Answer

    Executive Managing Director and CFO Kotaro Yoshida declined to provide specific investee details due to confidentiality. He clarified that Q4 impairment losses, booked under both the equity method and as provisions against operating investments, outweighed gains from exits, leading to a deficit. He stressed that the portfolio is managed for full-year profitability and that quarterly volatility is inherent to the business, and denied any strategic shift resulting from the losses.

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    Natsumu Tsujino's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Natsumu Tsujino pressed for more specific details regarding the impairment losses in the Alternative Investment segment, questioning the nature of the investments and the accounting treatment for the provisions and losses.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, declined to comment on individual investees but clarified that losses were booked across different accounting lines, including net operating revenues and equity method losses. He stated that the Q4 deficit was due to impairment losses exceeding gains from exits and that the firm employs a robust risk management process for this portfolio. He confirmed exit activities will continue for the remaining investment balance.

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    Natsumu Tsujino's questions to Daiwa Securities Group (DSEEY) leadership • Q3 2024

    Question

    Natsumu Tsujino asked about the sustainability of strong Q3 trends in the Wealth Management and Global Markets divisions, particularly concerning investment trust sales and overseas FICC performance. Tsujino also requested more clarity on the Alternative Asset Management division's results, questioning the discrepancy between negative net operating revenue and high ordinary income.

    Answer

    Kotaro Yoshida, Executive, explained that the strength in Wealth Management is driven by a sustainable, consulting-based approach rather than specific product pushes, making the trend resilient. He confirmed the positive momentum in Global Markets was continuing from Q2 into Q3 and beyond. For Alternative Asset Management, Yoshida advised that ordinary income is the most accurate performance metric due to varied accounting treatments for returns and confirmed that provisions on certain projects caused the negative operating revenue, while declining to provide project-specific details.

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    Natsumu Tsujino's questions to SMPNY leadership

    Natsumu Tsujino's questions to SMPNY leadership • Q2 2024

    Question

    The analyst questioned the conservatism of the domestic auto insurance loss ratio forecast compared to peers and asked if the significant increase in overseas investment income is sustainable and expected to continue rising next year.

    Answer

    The company stated the auto loss ratio forecast is slightly conservative, factoring in stabilized traffic in the second half. They confirmed that overseas investment income is expected to continue rising next year, driven by higher reinvestment yields and a recent capital injection, with a potential increase of around JPY 10 billion.

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