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MINISO Group Holding LimitedNYSE:MNSO 株式レポート

時価総額 US$4.3b
株価
US$13.91
US$23.25
40.2% 割安 内在価値ディスカウント
1Y-33.0%
7D-6.5%
ポートフォリオ価値
表示

MINISO Group Holding Limited

NYSE:MNSO 株式レポート

時価総額:US$4.3b

MINISO Group Holding(MNSO)株式概要

ミニソ・グループ・ホールディング・リミテッドは投資持株会社で、中国本土、その他のアジア、北米、中南米、ヨーロッパ、および国際的なデザイン主導のライフスタイルとポップな玩具製品の小売と卸売に従事している。 詳細

MNSO ファンダメンタル分析
スノーフレーク・スコア
評価4/6
将来の成長5/6
過去の実績2/6
財務の健全性5/6
配当金3/6

MNSO Community Fair Values

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MINISO Group Holding Limited 競合他社

価格と性能

株価の高値、安値、推移の概要MINISO Group Holding
過去の株価
現在の株価US$13.91
52週高値US$26.74
52週安値US$13.71
ベータ0.12
1ヶ月の変化-11.46%
3ヶ月変化-29.18%
1年変化-33.03%
3年間の変化-11.40%
5年間の変化-40.78%
IPOからの変化-33.38%

最新ニュース

ナラティブの更新 May 09

MNSO: Experiential Flagship Expansion And Rising Dividends Will Support Future Profit Margins

Analysts have reduced their price target for MINISO Group Holding to about $19.30 from roughly $22.35, citing updated assumptions around revenue growth, profit margins, discount rates, and future P/E expectations. Analyst Commentary Bearish analysts appear to be using the lower aggregate price target of about US$19.30 as a signal that the risk and reward on MINISO Group Holding has become more finely balanced, especially when set against earlier expectations around growth and profitability.
ナラティブの更新 Apr 23

MNSO: Future Earnings Will Benefit From Experiential Retail And Shareholder Returns

Analysts have reduced their price target on MINISO Group Holding to about $23.25 from roughly $26.87, citing updated assumptions for revenue growth, profit margins and the P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts highlight that even with a lower target of about US$23.25, the stock still screens as supported by their revised P/E assumptions, suggesting they see room for value if execution on current plans holds.
Seeking Alpha Apr 22

Miniso: Why A Rebound Could Be In The Pipeline

Summary MINISO Group has not been a winning play for the last eight months or so, but there is reason to believe change may be in the near future. The stock price has fallen to a level where it has a history of halting declines in the stock before turning around to head higher. There were setbacks in the recently completed FY2025, but long MNSO can still count on growth as one of its strongest points. The time looks right to be long MNSO after a major decline, which is why I am bullish on MNSO with a buy rating. Read the full article on Seeking Alpha

Recent updates

ナラティブの更新 May 09

MNSO: Experiential Flagship Expansion And Rising Dividends Will Support Future Profit Margins

Analysts have reduced their price target for MINISO Group Holding to about $19.30 from roughly $22.35, citing updated assumptions around revenue growth, profit margins, discount rates, and future P/E expectations. Analyst Commentary Bearish analysts appear to be using the lower aggregate price target of about US$19.30 as a signal that the risk and reward on MINISO Group Holding has become more finely balanced, especially when set against earlier expectations around growth and profitability.
ナラティブの更新 Apr 23

MNSO: Future Earnings Will Benefit From Experiential Retail And Shareholder Returns

Analysts have reduced their price target on MINISO Group Holding to about $23.25 from roughly $26.87, citing updated assumptions for revenue growth, profit margins and the P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts highlight that even with a lower target of about US$23.25, the stock still screens as supported by their revised P/E assumptions, suggesting they see room for value if execution on current plans holds.
Seeking Alpha Apr 22

Miniso: Why A Rebound Could Be In The Pipeline

Summary MINISO Group has not been a winning play for the last eight months or so, but there is reason to believe change may be in the near future. The stock price has fallen to a level where it has a history of halting declines in the stock before turning around to head higher. There were setbacks in the recently completed FY2025, but long MNSO can still count on growth as one of its strongest points. The time looks right to be long MNSO after a major decline, which is why I am bullish on MNSO with a buy rating. Read the full article on Seeking Alpha
ナラティブの更新 Apr 09

MNSO: FY2025 Dividend Actions Will Support Long Term Earnings Profile

Analysts have trimmed their price target on MINISO Group Holding by about $4.40, citing updated assumptions for fair value, revenue growth, profit margins, and future P/E that are reflected in recent Street research, such as the $1.30 target reduction reported by BofA. Analyst Commentary Even with the trimmed price targets, bullish analysts still point to areas they see as supportive for MINISO Group Holding's valuation.
ナラティブの更新 Mar 26

MNSO: FY2025 Earnings Outlook And Dividend Decision Will Support Margin Profile

Analysts have lowered their price target on MINISO Group Holding to $32.01 from $32.41, reflecting slightly adjusted assumptions around the discount rate, revenue growth, profit margin and forward P/E expectations. What's in the News A board meeting is scheduled for March 31, 2026 to review unaudited financial results for the three months ended December 31, 2025 and annual results for the year ended December 31, 2025, in line with Listing Rules (Key Developments).
ナラティブの更新 Mar 10

MNSO: European Flagship Expansion Will Support Higher Margin Profile

Analysts have inched their price target on MINISO Group Holding higher to $32.41 from $32.26, reflecting updated views on revenue growth assumptions, profit margin outlook, and a slightly lower future P/E multiple, even as they apply a modestly higher discount rate. What's in the News MINISO opened its first Polish flagship store at Zlote Tarasy in Warsaw, a large format location of more than 1,000 square meters aimed at young shoppers (Key Developments).
ナラティブの更新 Feb 24

MNSO: Global Experiential Flagship Rollout Will Support Future Profit Margins

Analysts have nudged their price target on MINISO Group Holding higher, with fair value moving from about $22.11 to roughly $22.35 as they factor in updated assumptions for revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News Opened its first Polish flagship store at Warsaw's Zlote Tarasy, a more than 1,000 square meter location focused on IP collectibles and lifestyle products, with over 60% of offerings tied to licensed characters such as Disney, Sanrio, Chiikawa, BT21, and Zootopia themed collections (Key Developments).
ナラティブの更新 Feb 10

MNSO: Global Flagship Expansion And Experiential Stores Will Support Future Profit Margins

Analysts have raised their price target on MINISO Group Holding to US$22.11, citing updated assumptions around revenue growth, profit margins, the discount rate, and future P/E, which together refine their view of the stock's valuation. What's in the News Opened the first Polish flagship store at Zlote Tarasy in Warsaw, a location of more than 1,000 square meters focused on IP-driven products and immersive displays for young shoppers (Key Developments).
ナラティブの更新 Jan 25

MNSO: Global Flagship Store Rollout Will Support Higher Future Profit Margins

Analysts have nudged their price target on MINISO Group Holding higher to about US$22.11 from roughly US$21.85, citing updated assumptions for slightly stronger revenue growth, a modestly higher profit margin, a marginally lower discount rate, and a slightly lower future P/E multiple. What's in the News Grand opening of MINISO's first Polish flagship store at Zlote Tarasy in Warsaw, a more than 1,000 square meter location focused on IP-driven products and immersive in store experiences, including a high share of Disney and Sanrio themed merchandise.
ナラティブの更新 Jan 10

MNSO: Expanded European Flagships And Rising Margins Will Support Bullish Outlook

Analysts have raised their price target on MINISO Group Holding by approximately $5.67, citing a combination of higher assumed profit margins, a slightly higher discount rate, and an updated future P/E multiple as the key drivers of the change. What's in the News MINISO opened its first Polish flagship store at Zlote Tarasy in Warsaw, a more than 1,000-square-meter location focused on IP-driven products and immersive in-store experiences, including extensive Disney and Sanrio themed zones (Key Developments).
ナラティブの更新 Dec 25

MNSO: Expanding Global Flagship Stores Will Drive Stronger Future Profit Margins

Analysts have raised their price target on MINISO Group Holding from approximately 17.37 dollars to 21.85 dollars, citing slightly higher expected profit margins and valuation multiples that more than offset modestly slower projected revenue growth and a marginally higher discount rate. What's in the News MINISO opened Italy's first dedicated collectible toy store on Milan's Corso Buenos Aires, strengthening its position among young pop culture consumers and expanding its Italian network to nearly 70 stores.
ナラティブの更新 Dec 16

MINISO Group Q3 Earning report - Delivers Strong Revenue Growth with Accelerating International Expansion and IP-Led Strategy

Recent valuation
ナラティブの更新 Dec 11

MNSO: Future Profitability Will Benefit From Expanding Experiential Retail Footprint

Analysts have nudged their price target on MINISO Group Holding slightly higher to approximately $26.87 per share, from about $26.83. They cite marginally improved profit margin expectations and a modest reduction in the assumed discount rate, which more than offset slightly softer projected revenue growth and a marginally lower future P/E multiple.
ナラティブの更新 Nov 27

MNSO: Future Operating Profit Will Drive Stronger Market Performance

Analysts have revised their price target for MINISO Group Holding downward from $27.42 to $26.83, citing slight adjustments to projected revenue growth and discount rates. What's in the News MINISO Group Holding provided earnings guidance for the fourth quarter and full year 2025, expecting quarterly revenue growth of 25% to 30%, along with double-digit year-over-year growth in operating profit.
ナラティブの更新 Nov 25

MINISO Set to Double Revenue in Five Years with Aggressive Global Expansion

Bejgal has decreased revenue growth from 15.9% to 13.2% and decreased discount rate from 15.0% to 12.0%.
ナラティブの更新 Nov 11

MINISO Projects Rapid Global Expansion with 125 New Stores in 2025

Bejgal has decreased future PE multiple from 20.0x to 18.0x.
ナラティブの更新 Oct 25

MINISO's fair value is projected at 26.69 with an anticipated PE ratio shift of 20x

Bejgal has decreased future PE multiple from 25.0x to 20.0x and increased shares outstanding growth rate from -0.0% to -0.0%.
ナラティブの更新 Sep 23

Global Retail Expansion And Premium IP Will Unlock Opportunity

MINISO Group Holding’s consensus price target rose to $27.42 as analysts grew more bullish following Q2 results that beat expectations, upward EPS revisions, and improved operational momentum. Analyst Commentary Q2 results beat expectations, with positive comparable store sales growth in China and resumption of new store openings.
分析記事 Sep 02

MINISO Group Holding Limited (NYSE:MNSO) Stocks Shoot Up 34% But Its P/E Still Looks Reasonable

The MINISO Group Holding Limited ( NYSE:MNSO ) share price has done very well over the last month, posting an excellent...
ナラティブの更新 Aug 23

US And Europe Expansion And Partnerships Will Secure Lasting Success

Analysts raised their price targets for MINISO Group Holding to $25.81, driven by stronger-than-expected Q2 results, improved same-store sales in China, higher earnings forecasts, and a more favorable valuation outlook. Analyst Commentary Bullish analysts cited Miniso's better-than-expected Q2 results, highlighting positive same-store sales growth in China and resumed store openings.
分析記事 Jul 18

MINISO Group Holding Limited (NYSE:MNSO) Doing What It Can To Lift Shares

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") above 19x, you may...
分析記事 Jun 27

Some Investors May Be Worried About MINISO Group Holding's (NYSE:MNSO) Returns On Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Amongst other...
分析記事 May 27

MINISO Group Holding Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

There's been a notable change in appetite for MINISO Group Holding Limited ( NYSE:MNSO ) shares in the week since its...
分析記事 May 19

An Intrinsic Calculation For MINISO Group Holding Limited (NYSE:MNSO) Suggests It's 45% Undervalued

Key Insights The projected fair value for MINISO Group Holding is US$36.71 based on 2 Stage Free Cash Flow to Equity...
分析記事 Apr 29

MINISO Group Holding (NYSE:MNSO) Seems To Use Debt Rather Sparingly

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
分析記事 Apr 09

MINISO Group Holding Limited (NYSE:MNSO) Might Not Be As Mispriced As It Looks After Plunging 28%

To the annoyance of some shareholders, MINISO Group Holding Limited ( NYSE:MNSO ) shares are down a considerable 28% in...
Seeking Alpha Mar 28

Miniso Group: Attractive Valuation After Q4 Results, Upgrade To 'Buy'

Summary MINISO Group's stock experienced volatility, but is now considered undervalued with promising growth potential, leading to an upgrade to a 'buy' rating. Q4 2024 earnings showed 23% revenue growth and 20% adjusted net income growth, driven by new store launches and strong overseas performance. Key concerns include declining SSSG in China, potential U.S. tariff impacts, Yonghui Supermarket's financial drag, and Top Toy brand's shareholder issues. Despite near-term headwinds, MNSO's attractive valuation and growth prospects support a 40% upside, with a near-term price target of $25. Read the full article on Seeking Alpha
分析記事 Mar 25

MINISO Group Holding (NYSE:MNSO) Has Announced That It Will Be Increasing Its Dividend To CN¥0.3268

The board of MINISO Group Holding Limited ( NYSE:MNSO ) has announced that it will be paying its dividend of CN¥0.3268...
分析記事 Mar 13

Returns On Capital Signal Tricky Times Ahead For MINISO Group Holding (NYSE:MNSO)

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...
Seeking Alpha Jan 15

Miniso Seems Poised For Further Upside

Summary Reinitiating coverage on with a "Buy" rating, driven by strong growth prospects and attractive valuations, following a 60% stock return since August 2024. Miniso's Q3 2024 results show robust financial performance, with revenue growth of 19.3% and a healthy adjusted EBITDA margin of 25.2%. Aggressive global expansion and strategic investments, including a 29.4% stake in Yonghui Superstores, support Miniso's long-term growth and margin expansion. Despite macroeconomic risks, Miniso's strong cash position, competitive pricing, and dynamic product portfolio make it an attractive buy for the next 12 to 24 months. Read the full article on Seeking Alpha
新しいナラティブ Jan 15

Top Pick for Multi-bagger

Strong Q1 2024 PerformanceIn Q1 2024, $MNSO revenue surged 26% year-on-year to $515.7 million, with adjusted EBITDA margin expanding by 200 basis points to 25.9%. This growth was fueled by a robust st
分析記事 Dec 31

We Ran A Stock Scan For Earnings Growth And MINISO Group Holding (NYSE:MNSO) Passed With Ease

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
分析記事 Dec 06

Further Upside For MINISO Group Holding Limited (NYSE:MNSO) Shares Could Introduce Price Risks After 30% Bounce

MINISO Group Holding Limited ( NYSE:MNSO ) shares have continued their recent momentum with a 30% gain in the last...
Seeking Alpha Dec 03

MINISO Group Q3: Fantastic Overseas Growth, But Next Year Is In Question

Summary Miniso Group Holding Limited's Q3 earnings missed expectations, but strong overseas sales and reiterated guidance led to a 34% share price increase. Revenues grew 19.3% y/y to $644.5m, driven by aggressive expansion; overseas revenues surged 39.8%, contributing significantly to total revenue. The company faces potential tariff risks with the next administration, but management is proactively sourcing alternatives to mitigate the impact. Despite strong demand and growth prospects, I am cautious due to tariff uncertainties and will revisit the rating based on future developments. Read the full article on Seeking Alpha
User avatar
新しいナラティブ Dec 01

Expanding Globally And Embracing IP-centric Innovation For Profitably Boosted Growth

Strategic investments and expansion in global markets and omni-channel development are expected to drive revenue growth and enhance consumer engagement.
分析記事 Nov 28

Capital Allocation Trends At MINISO Group Holding (NYSE:MNSO) Aren't Ideal

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Seeking Alpha Nov 12

Miniso: IP-Centered Retail To Drive Sustained Growth

Summary MNSO's collaboration with Harry Potter IP highlights the effectiveness of its IP-based strategy, despite inventory issues, positioning it as a strong player in IP retail. We are bullish on MNSO due to its flagship retail business benefiting from China's consumption downgrade and its promising IP-based retail expansion. MNSO's IP-based strategy aims to increase IP merchandise sales by 50%, leveraging global appeal and higher pricing power for long-term profitability. Key risks include potential tariffs under a Trump presidency, which could impact gross margins, but overall, MNSO's IP strategy supports a bullish outlook. Read the full article on Seeking Alpha
分析記事 Oct 06

Market Might Still Lack Some Conviction On MINISO Group Holding Limited (NYSE:MNSO) Even After 28% Share Price Boost

MINISO Group Holding Limited ( NYSE:MNSO ) shareholders would be excited to see that the share price has had a great...
Seeking Alpha Aug 28

Miniso Stock: Deep Valuation Gap, Stellar Growth, And Margin Expansion

Summary Initiating coverage on Miniso Group with a "Buy" rating, considering undervaluation and potential for a reversal rally over a 24-month horizon. The Company's competitive pricing, innovation, and efficient supply chain drive robust revenue and EBITDA growth, despite macroeconomic and geopolitical headwinds. Aggressive store expansion, both domestically and internationally, coupled with margin expansion, positions Miniso for sustained growth and improved cash flows. MNSO stock trades at a significant valuation gap, with a forward PEG ratio indicating potential upside of 50% to 60% from current levels. Read the full article on Seeking Alpha
分析記事 Aug 11

We Ran A Stock Scan For Earnings Growth And MINISO Group Holding (NYSE:MNSO) Passed With Ease

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Seeking Alpha Jul 22

MINISO Group: Impressive Growth But Fairly Valued

Summary MINISO is the world's largest retailer of self-owned brand lifestyle and household products, offering quality and affordable products through a large network of stores. As global consumers seek quality products at affordable prices, MINISO is well-positioned for growth, but its management team lacks a reputable track record. MINISO's success is attributed to its unique products, extraordinary value, and world-class supply chain, enabling rapid growth despite challenges in the retail sector. Read the full article on Seeking Alpha
分析記事 Jul 15

MINISO Group Holding (NYSE:MNSO) Is Reinvesting At Lower Rates Of Return

What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...
分析記事 May 22

With MINISO Group Holding Limited (NYSE:MNSO) It Looks Like You'll Get What You Pay For

With a price-to-earnings (or "P/E") ratio of 19.7x MINISO Group Holding Limited ( NYSE:MNSO ) may be sending bearish...
Seeking Alpha May 06

Miniso: Surging In Business Against The Economic Down Cycle

Summary Miniso's FY 2023 earnings show a 54% YoY increase in revenue and a historical high gross margin of 43.1%. The company's partnership with global intellectual property (IP) brands has been key in its successful "emotional marketing" strategy. Miniso's international business is a major driver of growth, with North America and Europe experiencing the highest growth rates. Read the full article on Seeking Alpha
分析記事 Apr 26

Impressive Earnings May Not Tell The Whole Story For MINISO Group Holding (NYSE:MNSO)

MINISO Group Holding Limited's ( NYSE:MNSO ) robust earnings report didn't manage to move the market for its stock. Our...
分析記事 Apr 16

Does MINISO Group Holding (NYSE:MNSO) Deserve A Spot On Your Watchlist?

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
分析記事 Mar 20

Analysts' Revenue Estimates For MINISO Group Holding Limited (NYSE:MNSO) Are Surging Higher

MINISO Group Holding Limited ( NYSE:MNSO ) shareholders will have a reason to smile today, with the analysts making...

株主還元

MNSOUS Multiline RetailUS 市場
7D-6.5%-2.2%-0.3%
1Y-33.0%19.5%26.7%

業界別リターン: MNSO過去 1 年間で19.5 % の収益を上げたUS Multiline Retail業界を下回りました。

リターン対市場: MNSOは、過去 1 年間で26.7 % のリターンを上げたUS市場を下回りました。

価格変動

Is MNSO's price volatile compared to industry and market?
MNSO volatility
MNSO Average Weekly Movement4.9%
Multiline Retail Industry Average Movement6.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.2%
10% least volatile stocks in US Market3.2%

安定した株価: MNSO 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。

時間の経過による変動: MNSOの 週次ボラティリティ ( 5% ) は過去 1 年間安定しています。

会社概要

設立従業員CEO(最高経営責任者ウェブサイト
20138,329Guofu Yewww.miniso.com

投資持株会社であるMINISO Group Holding Limitedは、中国本土、その他のアジア、北米、中南米、欧州、および世界各国において、デザイン主導のライフスタイル製品およびポップな玩具製品の小売・卸売を行っている。MINISOブランドでは家庭装飾品、小型電化製品、繊維製品、アクセサリー、美容器具、玩具、化粧品、パーソナルケア製品、スナック、香水、文房具、ギフトなど、TOP TOYブランドではブラインドボックス、トイブロック、フィギュア、模型キット、コレクション人形、一番くじなどの人気玩具など、さまざまなカテゴリーの商品を提供している。また、ブランドライセンス活動、ライフスタイル商品のオンライン販売も行っている。ミニソ・グループ・ホールディング・リミテッドは2013年に設立され、中国の広州に本社を置いている。

MINISO Group Holding Limited 基礎のまとめ

MINISO Group Holding の収益と売上を時価総額と比較するとどうか。
MNSO 基礎統計学
時価総額US$4.29b
収益(TTM)US$177.18m
売上高(TTM)US$3.15b
23.9x
PER(株価収益率
1.3x
P/Sレシオ

収益と収入

最新の決算報告書(TTM)に基づく主な収益性統計
MNSO 損益計算書(TTM)
収益CN¥21.44b
売上原価CN¥11.80b
売上総利益CN¥9.65b
その他の費用CN¥8.44b
収益CN¥1.21b

直近の収益報告

Dec 31, 2025

次回決算日

May 26, 2026

一株当たり利益(EPS)3.97
グロス・マージン44.99%
純利益率5.62%
有利子負債/自己資本比率66.9%

MNSO の長期的なパフォーマンスは?

過去の実績と比較を見る

配当金

4.8%
現在の配当利回り
119%
配当性向

企業分析と財務データの現状

データ最終更新日(UTC時間)
企業分析2026/05/20 15:32
終値2026/05/20 00:00
収益2025/12/31
年間収益2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM(Trailing Twelve Month)またはLTM(Last Twelve Month)データとして知られています。詳細はこちら

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドYoutubeのチュートリアルも掲載しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

MINISO Group Holding Limited 19 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。31

アナリスト機関
Lucy YuBofA Global Research
Runbo YangChina International Capital Corporation Limited
Xiaofang XuCitic Securities Co., Ltd.