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    Wataru Otsuka

    Research Analyst at SBI SECURITIES Co., Ltd.

    Wataru Otsuka is an Equity Analyst at SBI SECURITIES Co., Ltd., specializing in Japanese financial institutions and insurance companies. He provides research coverage for prominent listed firms such as Tokyo Century Corporation, Tokio Marine Holdings, Sompo Holdings, and ORIX Corporation. Otsuka is regularly cited on major companies’ analyst coverage lists and participates in results conference calls with senior executives, reflecting his established position and influence, though public rankings and detailed performance metrics are not disclosed. His professional background at SBI SECURITIES highlights deep expertise in the financial sector; however, information regarding prior employers and detailed professional credentials such as securities licenses or industry certifications is not publicly available.

    Wataru Otsuka's questions to NOMURA HOLDINGS (NMR) leadership

    Wataru Otsuka's questions to NOMURA HOLDINGS (NMR) leadership • Q4 2025

    Question

    Wataru Otsuka asked about the current level of flow revenue in Wealth Management for April and sought clarification on the Investment Management division's focus post-Macquarie acquisition. He also inquired about the performance of the American Century Investments (ACI) holding.

    Answer

    CFO Takumi Kitamura indicated that Wealth Management's April activity was similar to Q4, with overall activity slowed but clients buying on dips. He confirmed the Investment Management division will focus on business revenue. Regarding ACI, he explained that while market factors cause volatility, the firm has hedges in place to mitigate the impact on its P&L, leading to less volatility than in the past.

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    Wataru Otsuka's questions to NOMURA HOLDINGS (NMR) leadership • Q3 2025

    Question

    Wataru Otsuka from SBI SECURITIES Co., Ltd. asked for the specific profit contribution from the Laser Digital subsidiary. He also inquired about net inflows of cash and securities, questioning if there was any negative impact from a recent incident and seeking reasons for the quarter-over-quarter change in retail-only net inflows.

    Answer

    CFO Takumi Kitamura declined to disclose a specific profit figure for Laser Digital, citing the volatility of the crypto market and the subsidiary's recent launch, but confirmed it has become profitable. Regarding net inflows, Mr. Kitamura advised focusing on the 'retail-only' line item, which excludes irregular corporate actions and shows nine consecutive quarters of positive inflows. He attributed the modest slowdown within Q3 to clients being on the sidelines in October ahead of major political events.

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    Wataru Otsuka's questions to NOMURA HOLDINGS (NMR) leadership • Q1 2025

    Question

    Wataru Otsuka asked about the reasons for the reported loss in the EMEA region and for an evaluation of the JPY 17 billion profit from international markets. He also inquired about business sentiment in Wealth Management during July and requested a breakdown of retail net inflows between cash and securities.

    Answer

    CFO Takumi Kitamura attributed the EMEA loss partly to one-off restructuring costs but noted an upward trend since June. He stated that while the JPY 17 billion international profit is a start, they are not satisfied and aim higher. For Wealth Management, he described July's business as strong, with clients using market dips as buying opportunities. Kitamura could not provide the cash vs. securities inflow breakdown on the call but offered a follow-up.

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    Wataru Otsuka's questions to ORIX (IX) leadership

    Wataru Otsuka's questions to ORIX (IX) leadership • Q3 2025

    Question

    Wataru Otsuka of SBI SECURITIES Co., Ltd. asked about the probability of achieving the full-year profit forecasts for the Finance and Operations segments, given the Investment segment is set to exceed its target with the Greenko sale.

    Answer

    Kazuki Yamamoto, Operating Officer, acknowledged the Investment segment would likely overshoot its target due to the Greenko sale. While ORIX aims to achieve 100% of its targets in all categories, he pointed to uncertainties in the Finance and Operations segments, such as the slow recovery in Greater China and volatile spot prices affecting the renewable energy business. He implied that achieving the overall corporate profit target is highly dependent on the successful Greenko divestment.

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    Wataru Otsuka's questions to ORIX (IX) leadership • Q3 2024

    Question

    Questioned the company's disclosure policy, pointing out that some segment targets on Page 9 appear outdated as performance is likely to overshoot them. He asked why these targets are not updated quarterly for better external visibility and if this was a conscious decision by the board.

    Answer

    The executive explained that while the board reviews the latest forecasts internally, the publicly disclosed targets are kept consistent throughout the year to avoid confusion that could arise from changing assumptions. They prefer to provide qualitative updates on performance against these original targets. After the analyst expressed that this makes assessment difficult, the executive acknowledged the feedback and said they would discuss potentially providing more information or a range in the future.

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    Wataru Otsuka's questions to Daiwa Securities Group (DSEEY) leadership

    Wataru Otsuka's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Wataru Otsuka asked for a breakdown of the strong investment trust sales in the Wealth Management division between new and existing funds. He also sought to clarify the source of the significant JPY 1.573 trillion net asset inflow, questioning if it was primarily from corporate clients.

    Answer

    Executive Managing Director and CFO Kotaro Yoshida clarified that the record net increase in investment trusts was driven by secondary market sales resulting from successful portfolio consulting, not new fund launches. He confirmed the large net asset inflow came from both retail and corporate clients, with corporations increasingly investing in an inflationary environment. Proceeds from large primary deals also contributed significantly to the inflow, which was then reinvested into various products.

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    Wataru Otsuka's questions to Daiwa Securities Group (DSEEY) leadership • Q4 2024

    Question

    Wataru Otsuka questioned the drivers behind the strong JPY 174.6 billion net increase in investment trust sales, asking for a breakdown between primary and secondary sales. He also asked about the sources of the large net asset inflow.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, attributed the strong investment trust sales primarily to secondary market activity driven by holistic portfolio consulting, rather than pushing newly launched funds. He highlighted strong demand for private alternative assets. The large net asset inflow was driven by both retail clients participating in primary deals and corporate clients investing in fixed income and other products amid an inflationary environment.

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    Wataru Otsuka's questions to Daiwa Securities Group (DSEEY) leadership • Q3 2024

    Question

    Wataru Otsuka of SBI Securities asked about the magnitude of the contribution from unwinding cross-shareholdings to the Global Markets division's revenue, noting the profit level didn't increase substantially. He also questioned the company's rationale for not announcing a share buyback program since November 2022.

    Answer

    Kotaro Yoshida, Executive, acknowledged that while there were multiple mandates for unwinding cross-shareholdings in Q3, the overall impact on the profit level was not significant. Regarding share buybacks, he explained that the decision was based on a comprehensive evaluation of factors, including prioritizing growth investments, maintaining financial soundness under Basel 3 regulations, and accounting for the impact of yen fluctuations on capital, which led to forgoing a buyback at this time.

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