Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-15270 Nomura Horudingusu Kabushiki Kaisha (Exact name of registrant as specified in its charter) Nomura Holdings, Inc. (Translation of registrant's name into English) 13-1, Nihonbashi 1-chome Chuo-ku, Tokyo 103-8645 Japan (Jurisdiction of incorporation or organization) (Address of princ ...

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, specifically concentrating on investment opportunities in the Hong Kong market [1]

Group 1 - Goldman Sachs expects a 25 basis point rate cut, maintaining GDP forecasts for this year while lowering next year's GDP forecast and significantly reducing inflation predictions [1] - UBS anticipates a 25 basis point rate cut, with the last cut expected in July, bringing rates down to 1.75%, and a potential rate hike by the end of 2026 to address inflation risks [1] - Bank of America predicts a 25 basis point rate cut, noting that the market has already priced in the recent ECB rate cut, which is unlikely to have a significant impact on the euro [1] Group 2 - Nomura Securities forecasts a 25 basis point rate cut, with further cuts expected in July and September until rates reach 1.50%, while adjusting GDP and inflation predictions [1][2] - Deutsche Bank expects a 25 basis point rate cut, suggesting that the terminal rate for the easing cycle should remain at 1.50%, with a potential rate hike to 1.75% by the end of 2026 [2] - Pacific Investment Management Company anticipates a 25 basis point rate cut, indicating that the ECB is entering the final phase of its easing cycle, with current market pricing around 1.7% appearing reasonable [3]

Core Viewpoint - The company emphasizes the importance of a strong support network for employee mental health through initiatives like the "Mental Health Awareness Week" [2][9]. Group 1: Support Initiatives - The company has established various support channels for employees, including a Mental Health Advocate Program, where trained volunteers provide listening support and help colleagues access mental health resources [2]. - All full-time employees and eligible family members can reimburse expenses for mental health treatment through the company's medical insurance plan [3]. - The Employee Assistance Program (EAP) offers specialized services from experienced psychologists and counselors, covering areas such as interpersonal relationships, career development, parenting guidance, and bereavement counseling [4][5]. Group 2: Employee Engagement - The company encourages employees to expand their social networks to strengthen support systems and foster an open and inclusive work environment [8]. - Anita Leung, the joint executive initiator of the mental health network, highlights the need for awareness that everyone may need help at times and the importance of being a support for others [6][8].

Core Viewpoint - The article discusses the trend of financial professionals, particularly in Japan, transitioning from traditional roles in securities firms to more lucrative positions in nightlife and entertainment, highlighting the challenges faced by the industry and the changing career paths of its employees [2][12]. Group 1: Japanese Securities Industry Trends - The news of a female securities sales champion transitioning to a high-profile role in a Tokyo nightclub has sparked discussions about the future of the financial industry, with many questioning the sustainability of their current roles [2][4]. - The Japanese securities industry has seen a significant reduction in workforce, with 22,000 fewer employees in just over a year, prompting many to seek alternative career paths [3][12]. - Kiko, a former top sales performer at Nomura Securities, exemplifies this trend by achieving success in the nightlife industry, where she has tripled her income and aims to start her own business [7][9]. Group 2: Domestic Securities Professionals' Responses - In contrast to their Japanese counterparts, domestic securities professionals are increasingly pursuing government positions or transitioning to roles in listed companies, such as secretaries or financial directors, due to industry pressures [12][14]. - The number of securities industry employees has decreased by 22,150, representing a 6.32% decline, with a notable drop in the number of brokers [14][15]. - The trend of financial professionals seeking alternative careers is evident, with many opting for civil service exams or moving to corporate roles, reflecting the industry's contraction and the need for job security [12][14]. Group 3: Survival Strategies in the Financial Sector - Financial professionals are adopting various strategies to cope with increasing performance pressures, including expanding their networks and exploring new client acquisition methods [18][19]. - The competitive environment has led to a focus on diversifying skills, with some employees engaging in side jobs or developing talents to enhance their marketability [19]. - The article highlights the challenges of maintaining client relationships and the pressure to innovate in client engagement strategies, as traditional methods become less effective [18][19].

Core Viewpoint - Nomura Holdings reported a significant increase in Group net revenue for the fiscal year ending March 2025, indicating strong financial performance and growth potential in the investment banking sector [4]. Financial Performance - Group net revenue increased by 21% year-on-year [4]. - The conference call was held to discuss the fourth quarter and full-year operating results, highlighting the company's financial achievements [1]. Conference Call Details - The conference call was hosted by Takumi Kitamura, the Chief Financial Officer of Nomura Holdings, who provided an overview of the financial results [3]. - The call included participation from various securities firms, indicating a broad interest in the company's performance [1].

智通财经4月25日电，野村控股第四季度总营收1.08万亿日元，同比减少7.8%，净利润719.7亿日元，同 比增加27%。 ...

1. 4月24日(周四)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.47%，标普500指数期货跌0.31%，纳指期货跌0.26%。 杰富瑞：美股"高光"不再，后市或继续下挫。杰富瑞全球股票策略主管克里斯托弗·伍德(Christopher Wood)表示，美股早已过了"黄金时期"，投资者应做好 准备，迎接美股、美债以及美元的进一步下跌。伍德指出，美股市值在明晟全球指数(MSCI All Country World Index)中的占比在去年12月末达到历史最高水 平。他认为"美股已见顶"，并将其与1989年的日本股市相提并论，"美元已开启长期贬值趋势，这将降低美股市值在全球股市中的占比" 。伍德建议投资者 在重新平衡投资组合时，考虑增加对中国、印度和欧洲资产的配置。这位资深策略师对美国市场的悲观态度与弥漫在全球的悲观情绪相呼应。 哈马克发声：美联储应继续缩表，货币政策需保持稳定。克利夫兰联储主席贝丝•哈马克周三表示，当前形势仍然支持美联储继续缩减资产负债表。她还表 示，在巨大的不确定性之下，现在不是改变货币政策的时候。哈马克表示，在货币政策上"现在不是先发制人的好时机"，并补充说，现在是时候保持耐心 ...

Core Viewpoint - Nomura Securities predicts that the Swiss National Bank will implement two more rate cuts this year, each by 25 basis points, contrary to their previous stance that no further cuts would occur after March [1] Group 1: Monetary Policy Actions - The Swiss National Bank is expected to take action to curb the strength of the Swiss franc, which is currently at its highest effective exchange rate since 2008 [1] - The anticipated rate cuts are seen as a response to the ongoing economic uncertainty driven by further rate cuts from the European Central Bank and U.S. tariff policies [1] - The expected actions in June and September meetings may signal a return to negative interest rates, marking an end to the normalization of monetary policy post-COVID-19 [1]

Core Viewpoint - The article highlights Nomura (NMR) as a strong value stock, supported by various valuation metrics indicating it is currently undervalued compared to its industry peers [4][5][6][7][8]. Valuation Metrics - Nomura has a P/E ratio of 7.69, significantly lower than the industry average of 12.57, indicating potential undervaluation [4]. - The P/B ratio for Nomura stands at 0.75, compared to the industry average of 1.96, further suggesting that the stock is undervalued [5]. - The P/S ratio for Nomura is 0.67, while the industry average is 1.99, reinforcing the notion of undervaluation [6]. - Nomura's P/CF ratio is 7.05, in contrast to the industry average of 14.14, indicating a favorable cash flow outlook relative to its peers [7]. Investment Outlook - Given the strength of its earnings outlook and the favorable valuation metrics, Nomura is positioned as one of the market's strongest value stocks [8].