Women's Day 在国际妇女节即将到来之际，野村集团祝所有女性朋友们节日快乐！ " 爱自己，是终身浪漫的开始 " 。 " 美好的清晨给自己做上一份营养丰富的早餐、温暖的午后翻阅一 本喜欢的书籍、闲暇的时间开启一段惬意的旅程 ……" ，女性关爱自己有很多方式，我们在一个个 爱自己的瞬间得到放松和快乐，倾听自己心里的声音，活出真实的自我。 本期《茶歇分享会》，我们邀请来自野村东方国际证券的金婷和野村新加坡有限公司的毛苏蓉，分 享她们各自对旅行和瑜伽的热爱和体会，一动一静，不同的 " 悦己 " 方式，都是在照顾自己的内心， 都是与内心的对话。 作为职场女性，在努力工作、追求社会价值的同时， 也要留出时间照顾自己的内心。 野村东方国际证券 金婷 Q1 您工作之余特别喜欢做什么？ 左右滑动，查看更多 Q2 请分享一下您近期旅游中有哪些难忘瞬间？ 金婷： 今年春节期间，我去了趟英国。在泰晤士河畔吹着晚风，听大本钟的钟声响起，感受这座 城市的浪漫。除了伦敦，我还去了约克。漫步在约克的古老街道，中世纪风格的建筑林立两旁， 那蜿蜒曲折的肉铺街，仿佛将我带回了久远的年代，街边特色小店琳琅满目，我淘到了不少精致 的复古小物件 ...

Core Insights - Nanalysis Scientific Corp. has launched its new 60 MHz Benchtop NMR spectrometer at the Pittcon Conference and Expo, showcasing advancements in portable NMR technology [1][2] - The new Nanalysis-60 instrument represents a significant improvement over the previous generation, targeting various industries including pharma, food, and mining [2][3] - The company continues to innovate within its magnetic resonance technology platform, with plans for future spectrometer products at different price points [3] Company Overview - Nanalysis operates two primary business segments: Scientific Equipment and Security Services, focusing on portable Nuclear Magnetic Resonance (NMR) spectrometers for industrial and laboratory markets [4][5] - The company has a strong innovation pipeline, having previously launched the NMReady-60™ and a 100 MHz device, which is the most advanced compact NMR device available [4] Market Applications - Nanalysis devices are utilized across various industries such as oil and gas, chemical, mining, pharma, and law enforcement, with a focus on expanding into new global markets [5] - The company has secured a five-year, $160 million contract for maintenance services of passenger screening equipment in Canadian airports, enhancing its security services segment [6][7] Product Features - The new Nanalysis-60 offers improved power, sensitivity, and automation features, including an autosampler and advanced software capabilities for enhanced NMR analysis [6]

Core Viewpoint - Nomura Holdings (NMR) is currently viewed as a better value opportunity compared to Bank of America (BAC) based on various valuation metrics and earnings outlook [1][7]. Valuation Metrics - NMR has a forward P/E ratio of 8.67, significantly lower than BAC's forward P/E of 11.93 [5]. - The PEG ratio for NMR is 0.30, indicating a more favorable valuation relative to its expected EPS growth compared to BAC's PEG ratio of 1.19 [5]. - NMR's P/B ratio stands at 0.81, while BAC's P/B ratio is higher at 1.24, suggesting that NMR is undervalued in terms of market value versus book value [6]. Earnings Outlook - NMR is experiencing an improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, indicating a positive trend in earnings estimates [3][7]. - The Zacks Rank for NMR is 2 (Buy), while BAC holds a Zacks Rank of 3 (Hold), reflecting a stronger earnings estimate revision for NMR [3].

Market Overview - The three major U.S. indexes, Nasdaq Composite, Dow Jones Industrial Average, and S&P 500, experienced declines of 2.6%, 2.5%, and 1.9% respectively during a holiday-shortened trading week [1] - Concerns over persistent inflation, disappointing economic reports, and new tariff threats from President Trump contributed to investor anxiety [1] Federal Reserve and Economic Indicators - The Federal Reserve maintained key interest rates but expressed worries about rising inflation and the potential effects of Trump's fiscal, trade, and immigration policies [2] - The U.S. Consumer Sentiment Index dropped to a 15-month low of 64.7 in February, down from 71.7 in January [2] - The S&P Global's flash U.S. Composite PMI Output Index fell to a 17-month low of 50.4, down from 52.7 in January [2] Stock Performance and Recommendations - Nomura Holdings, Inc. (NMR) saw a share price increase of 12.3% since being upgraded to Zacks Rank 2 (Buy) on December 24 [3] - Corning Incorporated (GLW) returned 8.8% since its upgrade to Zacks Rank 2 on December 31 [4] - A hypothetical portfolio of Zacks Rank 1 (Strong Buy) stocks returned -3.48% in January 2025, compared to -0.60% for the S&P 500 index [4] Zacks Model Portfolio Performance - The Zacks Model Portfolio, consisting of Zacks Rank 1 stocks, has outperformed the S&P 500 index by nearly 13 percentage points since 1988, with an annualized average return of +23.9% [6] - The Zacks Focus List portfolio returned +3.13% in January 2025, outperforming the S&P 500 index's +2.79% [11] - The Focus List portfolio has produced an annualized return of +11.81% since 2004, compared to +10.48% for the S&P 500 index [12] Sector-Specific Stock Performance - AutoZone, Inc. (AZO) increased by 8.7% over the past 12 weeks, while Costco Wholesale Corporation (COST) rose by 7.4% [13] - The Coca-Cola Company (KO) returned 11.6% over the past 12 weeks, and Quest Diagnostics Incorporated (DGX) increased by 5.3% [16] - Primo Brands Corporation (PRMB) jumped 10.7% year-to-date, outperforming the S&P 500 index's 2.4% increase [19]

Core Viewpoint - Nomura Holdings (NMR) is currently viewed as a superior value opportunity compared to Bank of America (BAC) based on various valuation metrics [1][7]. Valuation Metrics - NMR has a forward P/E ratio of 9.03, while BAC has a forward P/E of 12.66 [5]. - NMR's PEG ratio is 0.31, indicating a more favorable valuation relative to its expected EPS growth rate compared to BAC's PEG ratio of 1.26 [5]. - NMR's P/B ratio stands at 0.84, contrasting with BAC's P/B of 1.32, suggesting that NMR is undervalued relative to its book value [6]. Earnings Outlook - Both NMR and BAC have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook for both companies [3].

Financial Data and Key Metrics Changes - Group-wide net revenue increased by 4% quarter-on-quarter to JPY 502 billion [4] - Income before income taxes grew by 4% to JPY 138.3 billion, while net income rose to JPY 101.4 billion, representing a 3% increase over the last quarter [4] - EPS reached JPY 33.08, and annualized return on equity was 11.8%, marking the seventh consecutive quarter of profit growth [5][6] Business Line Data and Key Metrics Changes - Wealth management net revenue was flat quarter-on-quarter at JPY 116.3 billion, with income before income taxes growing by 2% to JPY 46.2 billion [14] - Investment management net revenue decreased by 18% to JPY 45.7 billion, while income before income taxes fell by 41% to JPY 18.9 billion [24] - Wholesale net revenue increased by 10% to JPY 290.5 billion, with income before income taxes reaching JPY 62.4 billion, the highest level in four years [28][29] Market Data and Key Metrics Changes - International business accounted for nearly 40% of group-wide income before income taxes, with income before income taxes in international regions increasing by 30% over the last quarter [6] - Net inflows of recurring revenue assets exceeded JPY 1.1 trillion in the first three quarters, surpassing the full-year target of JPY 800 billion [22] - Sales of investment trusts increased by 9%, driven by demand for US growth stock investment trusts [19] Company Strategy and Development Direction - The company aims to achieve a consistent ROE of 8% to 10% or more by 2030, focusing on stable recurring profits to enhance earnings stability [39] - Strategic initiatives have led to improved profitability in international operations, with a focus on diversifying revenue sources across all divisions [5][36] - The company plans to maintain cost controls while pursuing bottom-line growth, despite inflationary pressures [81][82] Management's Comments on Operating Environment and Future Outlook - Management noted that while January started slowly compared to Q3, revenue levels remain acceptable, and they continue to aim for bottom-line growth [40] - The company expressed confidence in achieving record high net profits, emphasizing the importance of stabilizing top-line growth and diversifying revenue streams [132][133] - Management acknowledged the challenges posed by external inflationary pressures but remains committed to cost control [83] Other Important Information - The company plans to celebrate its 100th anniversary on December 25, 2025, and will pay a commemorative dividend of JPY 10 per share to shareholders of record as of March 31, 2025 [41] - The sale of the Takanawa property is expected to generate a pre-tax income of approximately JPY 56 billion [40] Q&A Session Summary Question: About wholesale fixed income business and sustainability of revenue environment - Management indicated that the securitization business was strong, with efforts to improve fund turnover and diversify the portfolio [49][50] Question: Regarding asset efficiency and future sales of assets - Management confirmed that they are proactively selling policy holdings and do not expect to change the ratio of holdings significantly [52][121] Question: Shareholder return and dividend policy - Management clarified that the commemorative dividend is separate from regular dividends, and they will monitor proceeds from asset sales for potential shareholder returns [65][66] Question: Impact of client visit rules on sales - Management noted minimal impact on existing client relationships but acknowledged a slight slowdown in new customer acquisition [78] Question: Investment management pipeline and revenue forecast - Management expressed confidence in a strong M&A and ECM pipeline, with expectations for continued high performance in investment banking [95]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: Nomura Holdings (NMR) - Nomura Holdings currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3]. - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4]. Price Performance - NMR shares have increased by 3.51% over the past week, outperforming the Zacks Financial - Investment Bank industry, which rose by 0.24% [6]. - Over the last month, NMR's price change is 21.18%, significantly higher than the industry's 6.84% [6]. - In the past quarter, NMR shares rose by 21.39%, and over the last year, they increased by 27.37%, while the S&P 500 only moved 5.14% and 24.19%, respectively [7]. Trading Volume - NMR's average 20-day trading volume is 604,871 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the last two months, one earnings estimate for NMR has increased, while none have decreased, raising the consensus estimate from $0.61 to $0.76 [10]. - For the next fiscal year, one estimate has also moved upwards with no downward revisions [10]. Conclusion - Given the strong momentum indicators and positive earnings outlook, NMR is recommended as a solid pick for investors seeking short-term gains [12].

[Financial Summary for the Nine Months Ended December 31, 2024](index=4&type=section&id=Financial%20Summary%20for%20the%20Nine%20Months%20Ended%20December%2031%2C%202024) This section provides a comprehensive financial overview of Nomura Holdings for the nine months ended December 31, 2024 [Consolidated Operating Results](index=4&type=section&id=1.%20Consolidated%20Operating%20Results) For the nine months ended December 31, 2024, Nomura Holdings reported significant growth in net revenue and net income Operating Results for the Nine Months Ended December 31 | Indicator | 2023 (Millions of yen) | 2024 (Millions of yen) | % Change | | :--- | :--- | :--- | :--- | | Net revenue | 1,116,898 | 1,439,750 | 28.9% | | Income before income taxes | 181,756 | 374,220 | 105.9% | | Net income attributable to NHI shareholders | 109,113 | 268,766 | 146.3% | | Basic EPS (Yen) | 36.08 | 90.95 | 152.1% | | Diluted EPS (Yen) | 34.69 | 87.66 | 152.7% | | Return on shareholders' equity (annualized) | 4.5% | 10.4% | - | [Financial Position](index=4&type=section&id=2.%20Financial%20Position) As of December 31, 2024, Nomura's total assets and shareholders' equity significantly increased Financial Position as of December 31, 2024 | Indicator | At March 31, 2024 (Millions of yen) | At December 31, 2024 (Millions of yen) | | :--- | :--- | :--- | | Total assets | 55,147,203 | 60,529,845 | | Total NHI shareholders' equity | 3,350,189 | 3,569,930 | | Total NHI shareholders' equity as a percentage of total assets | 6.1% | 5.9% | | Total NHI shareholders' equity per share (Yen) | 1,127.72 | 1,207.81 | [Cash Dividends](index=5&type=section&id=3.%20Cash%20Dividends) Nomura declared a **¥23.00** per share dividend for September 30, 2025, including a special commemorative dividend Dividends Per Share (Yen) | Record Date | FY2024 | FY2025 (Plan) | | :--- | :--- | :--- | | At September 30 | 8.00 | 23.00 | | At March 31 | 15.00 | Unconfirmed | | **For the year** | **23.00** | **Unconfirmed** | - The planned dividend for the year ending March 31, 2025 includes a **¥10.00** commemorative dividend for the company's 100th anniversary[14](index=14&type=chunk)[15](index=15&type=chunk) [Earnings Forecasts](index=5&type=section&id=4.%20Earnings%20Forecasts) Nomura refrains from providing earnings or dividend forecasts due to global capital market uncertainties - The company refrains from issuing earnings forecasts because of uncertainties in the global capital markets[16](index=16&type=chunk)[30](index=30&type=chunk) [Qualitative Information of the Quarterly Consolidated Results](index=7&type=section&id=1.%20Qualitative%20Information%20of%20the%20Quarterly%20Consolidated%20Results) This section offers qualitative insights into Nomura's quarterly consolidated results, performance drivers, and financial position [Consolidated Operating Results Breakdown](index=7&type=section&id=1.%20%281%29%20Consolidated%20Operating%20Results) Nomura's net revenue for the nine-month period increased **28.9%**, driven by strong performance across all divisions Business Segment Performance (Nine Months Ended Dec 31, 2024) | Segment | Net Revenue (¥B) | % Change YoY | Income Before Tax (¥B) | % Change YoY | | :--- | :--- | :--- | :--- | :--- | | Wealth Management | 346.9 | 18.2% | 133.7 | 59.3% | | Investment Management | 149.5 | 35.2% | 74.1 | 74.5% | | Wholesale | 798.8 | 30.5% | 128.8 | 286.3% | - The Retail Division was renamed the 'Wealth Management Division' effective April 1, 2024[23](index=23&type=chunk) - Assets under management in the Investment Management division reached **¥93.5 trillion** as of December 31, 2024[25](index=25&type=chunk) [Consolidated Financial Position Analysis](index=9&type=section&id=1.%20%282%29%20Consolidated%20Financial%20Position) Total assets increased by **¥5.4 trillion** to **¥60.5 trillion**, primarily due to higher trading assets - Total assets increased by **¥5,382.6 billion** compared to March 31, 2024, primarily due to a rise in Trading assets[29](index=29&type=chunk) - Total liabilities increased by **¥5,156.0 billion**, mainly from an increase in Trading liabilities[29](index=29&type=chunk) [Quarterly Consolidated Financial Statements](index=10&type=section&id=2.%20Quarterly%20Consolidated%20Financial%20Statements) This section presents Nomura's unaudited quarterly consolidated financial statements, including accounting policy changes and a key subsequent event Consolidated Balance Sheet Summary (in Millions of yen) | Account | March 31, 2024 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **55,147,203** | **60,529,845** | **5,382,642** | | Trading assets | 19,539,742 | 23,629,649 | 4,089,907 | | **Total Liabilities** | **51,698,690** | **56,854,739** | **5,156,049** | | Trading liabilities | 10,890,610 | 13,641,814 | 2,751,204 | | **Total Equity** | **3,448,513** | **3,675,106** | **226,593** | Consolidated Income Statement Summary (Nine Months Ended Dec 31, in Millions of yen) | Account | 2023 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Total revenue | 2,986,540 | 3,657,389 | 22.5% | | Net revenue | 1,116,898 | 1,439,750 | 28.9% | | Total non-interest expenses | 935,142 | 1,065,530 | 13.9% | | Income before income taxes | 181,756 | 374,220 | 105.9% | | Net income attributable to NHI shareholders | 109,113 | 268,766 | 146.3% | - A significant subsequent event occurred after the quarter-end: a subsidiary entered a contract to sell real estate in Tokyo, which is expected to result in approximately **¥56 billion** of pre-tax income in either Q4 FY25 or Q1 FY26[52](index=52&type=chunk) - Effective April 1, 2024, Nomura changed its accounting policy to no longer apply broker-dealer accounting (ASC 940) to its non-broker-dealer entities, allowing new non-trading debt securities to be classified as held-to-maturity (HTM) or available-for-sale (AFS)[39](index=39&type=chunk)[40](index=40&type=chunk) [Supplementary Information](index=19&type=section&id=3.%20Supplementary%20Information) This section provides quarterly comparative data for consolidated statements of income and business segment information Quarterly Income Statement (Three Months Ended Dec 31, 2024 vs Sep 30, 2024) | Indicator (Millions of yen) | Sep 30, 2024 (A) | Dec 31, 2024 (B) | % Change (B-A)/(A) | | :--- | :--- | :--- | :--- | | Net revenue | 483,327 | 501,981 | 3.9% | | Income before income taxes | 133,010 | 138,279 | 4.0% | | Net income attributable to NHI shareholders | 98,387 | 101,441 | 3.1% | Quarterly Segment Income Before Taxes (Three Months Ended Dec 31, 2024 vs Sep 30, 2024) | Segment (Millions of yen) | Sep 30, 2024 (A) | Dec 31, 2024 (B) | % Change (B-A)/(A) | | :--- | :--- | :--- | :--- | | Wealth Management | 45,289 | 46,174 | 2.0% | | Investment Management | 31,935 | 18,938 | -40.7% | | Wholesale | 45,294 | 62,361 | 37.7% |

Core Viewpoint - Nomura Holdings (NMR) is currently considered a more attractive value investment compared to Bank of America (BAC) based on various valuation metrics [3][7]. Valuation Metrics - NMR has a forward P/E ratio of 9.34, while BAC has a forward P/E of 12.66, indicating that NMR is undervalued relative to BAC [5]. - The PEG ratio for NMR is 0.41, suggesting strong expected EPS growth relative to its price, whereas BAC has a PEG ratio of 1.26, indicating a less favorable growth outlook [5]. - NMR's P/B ratio stands at 0.82, compared to BAC's P/B of 1.31, further supporting the notion that NMR is undervalued [6]. Earnings Outlook - Both NMR and BAC have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3][7]. - Despite both companies having solid earnings prospects, NMR's superior valuation metrics position it as the better value option [7].

Core Viewpoint - Nomura Holdings (NMR) has shown a downtrend recently, losing 5.9% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, suggesting that selling pressure may be subsiding [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that the stock opened lower, made a new low, but closed near or above the opening price, reflecting some buying interest [3][4]. - This pattern is significant when it occurs at the bottom of a downtrend, signaling that bears may be losing control [4]. Fundamental Analysis - There is a strong consensus among Wall Street analysts to raise earnings estimates for NMR, which supports the bullish case for the stock [2][6]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 6.4%, indicating that analysts expect better earnings than previously predicted [7]. - NMR holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [8]. Conclusion - The combination of the hammer chart pattern and positive earnings estimate revisions enhances the likelihood of a trend reversal for Nomura Holdings [1][6][8].