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    Otsuka

    Research Analyst at ACBI Securities

    Otsuka is an equity research analyst at ACBI Securities, specializing in the coverage of Japanese technology and industrial companies including names such as Sony, Panasonic, and Toyota. He is recognized for his deep sector insight and investment recommendations, which have achieved a documented accuracy rate of over 65% and have been ranked above peers on platforms like TipRanks. Otsuka began his career at a major Japanese investment bank in 2010, later joining ACBI Securities in 2018 as a Senior Analyst, and has built a reputation for diligent fundamental analysis and actionable stock calls. He holds a Japan Securities Dealers Association (JSDA) license as well as FINRA Series 7 and 63 registrations.

    Otsuka's questions to ORIX (IX) leadership

    Otsuka's questions to ORIX (IX) leadership • Q1 2026

    Question

    Requested an explanation for the significant JPY 7 trillion increase in Assets Under Management (AUM) between March and June 2025.

    Answer

    The AUM growth was driven by two main factors: 1) A recovery in net inflows at Robeco, combined with positive market valuation effects, and 2) Successful arrangement and sale of private credit products like CLOs in the U.S., which shifts assets from the balance sheet to AUM. The strong U.S. dollar also magnified the value in yen terms. The company acknowledged the need for more detailed disclosure on AUM composition and profitability in the future.

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    Otsuka's questions to NOMURA HOLDINGS (NMR) leadership

    Otsuka's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2026

    Question

    Otsuka from ACBI Securities asked about the phishing scam compensation policy, questioning if Nomura provides 100% compensation, unlike online brokers. He also inquired about the revenue trend from the sale of corporate policy holdings and whether a slowdown in related trading was occurring.

    Answer

    CFO Hiroyuki Moriuchi explained that Nomura's policy is "restitution," aiming to restore a client's account to its pre-damage state, which differs from a direct monetary compensation approach. He also confirmed that while activity related to the sale of policy holdings remains, the pace is normalizing and slowing down after a very active period in the last two years.

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    Otsuka's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2026

    Question

    Otsuka from ACBI Securities asked about Nomura's phishing scam compensation policy, comparing it to online brokers. He also questioned if a revenue slowdown was tied to a slower pace of policy-holding sales and sought to confirm if the strong IB pipeline was mainly in M&A.

    Answer

    CFO Hiroyuki Moriuchi explained Nomura's policy is 'restitution'—restoring a client's original position—rather than a fixed monetary compensation. He confirmed the pace of policy-holding sales is normalizing after a period of high activity. He also affirmed the strong Investment Banking pipeline is primarily in M&A advisory, with ECM being slower than last year.

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    Otsuka's questions to SMPNY leadership

    Otsuka's questions to SMPNY leadership • Q2 2024

    Question

    The analyst inquired about the status and timeline of the external investigation into the price-fixing (cartel) issue and whether the company would delay its IR meeting and the formulation of its next mid-term plan until that investigation is complete.

    Answer

    The company confirmed a separate external investigation for the cartel issue is underway but has no known timeline. They will proceed with their IR meeting after receiving the Bigmotor report and will not wait for the cartel report, which could take years. They will incorporate lessons already learned from the cartel issue into their next mid-term plan without waiting for the final report.

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