Nomura (US:NMR) 智通财经网·2025-12-02 08:40Core Viewpoint - Nomura Holdings' price-to-book ratio has reached 1 for the first time since 2016, meeting a key benchmark set by the Tokyo Stock Exchange to enhance shareholder value [1][3] Group 1: Stock Performance - On Tuesday, Nomura's stock rose by 1.1% to 1189.5 JPY, marking the highest level since October 2008, and the stock closed at 1185.0 JPY, up 0.72% [1][2] - The stock price has increased approximately 77% since hitting a year-to-date low on April 7 [4] Group 2: Financial Performance - For the second fiscal quarter ending September 30, Nomura reported a net profit of 921 million USD, a 6.4% year-on-year decline, but significantly exceeding analysts' expectations of 701 million USD [4] - The annualized return on equity reached 10.6%, surpassing the company's target range of 8%-10% for the second consecutive quarter [4] Group 3: Business Strategy and Expansion - CEO Kentaro Okuda is focused on maintaining the company's profit recovery momentum through strengthening various business areas, including wealth management and asset management [5] - Nomura has entered an expansion phase after multiple rounds of cost-cutting, recently completing an 18 billion USD acquisition of Macquarie Group's public asset management business in the U.S. and Europe [5] - The company is also expanding its private market business and increasing the variety of public and alternative investment products for individual and institutional clients [5] Group 4: Market Outlook and Analyst Sentiment - Analysts are optimistic about Nomura's stock price potential, with one research firm raising its target price from 1000 JPY to 1700 JPY due to increased recurring revenue and improved profit stability [6] - The anticipated economic stimulus policies from the Japanese government are expected to benefit the Japanese stock market, potentially leading to a new valuation expansion period for Nomura [6]