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    Tsujino

    Managing Director of Global Research at BofA Securities

    Natsumu Tsujino is a Managing Director of Global Research at BofA Securities Japan, specializing as a senior equity analyst covering the Japanese insurance and nonbank sectors, with in-depth research on companies like Tokyo Century Corporation and other major financial institutions. She is recognized for her rigorous fundamental analysis and has issued multiple investment recommendations, with recent TipRanks data showing coverage of six stocks and an overall success rate that varies by rating type, including strong returns on select positive calls. Tsujino began her career at J.P. Morgan Securities and Mitsubishi UFJ Morgan Stanley Securities in senior research leadership roles before joining BofA Securities Japan as Managing Director. She holds a CFA charter and is a Chartered Member of the Securities Analysts Association of Japan, has served on key accounting and regulatory committees, and earned her MBA from the Wharton School and her bachelor's from the University of Tokyo.

    Tsujino's questions to ORIX (IX) leadership

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

    Question

    Inquired about the determination of the first-half dividend given the profit skew, and how potential additional buybacks are being considered in light of a possible large investment to acquire the remaining stake in Avalon.

    Answer

    The plan for the interim dividend remains a 39% payout ratio on first-half results, pending any significant negative outlook for the second half. Decisions on additional buybacks and large investments, such as acquiring the rest of Avalon, are being considered as part of the overall capital policy. The company has sufficient capacity and will not let shareholder returns hinder good investment opportunities, but a final decision will be made after evaluating all factors.

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    Tsujino's questions to NOMURA HOLDINGS (NMR) leadership

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

    Question

    Tsujino of BofA Securities asked for an update on Global Markets performance in July, seeking color on Japan versus overseas trends. She also questioned why the EMEA region reported a loss, given that FICC profits in Europe had increased.

    Answer

    CFO Hiroyuki Moriuchi stated that July's Global Markets performance was in line with Q1, with strong equities and weaker fixed income, and noted that overseas business was stronger than in Japan. He attributed the EMEA loss to two main factors: weak performance in the Laser Digital (digital asset) business and inflated Q1 personnel costs due to European compensation regulations.

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

    Question

    Tsujino from BofA Securities asked for an update on Global Markets performance in July, specifically comparing Japan and overseas. She also questioned why the EMEA region reported a loss despite strong FICC performance in Europe.

    Answer

    CFO Hiroyuki Moriuchi stated that July's Global Markets performance was in line with Q1, with stronger results overseas than in Japan. He attributed the EMEA loss to two factors: weak performance in the Laser Digital (digital asset) business and inflated Q1 personnel costs due to European compensation regulations.

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