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Daiwa Securities Group

OTCPK:DSEC.F
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DSEC.F
OTCPK
¥746B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Daiwa Securities Group Inc., together with its subsidiaries, primarily operates as a securities broker-dealer in Japan and internationally. The last earnings update was 25 days ago. More info.


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DSEC.F Share Price and Events
7 Day Returns
-1.2%
OTCPK:DSEC.F
-2.6%
US Capital Markets
-0.7%
US Market
1 Year Returns
-
OTCPK:DSEC.F
-12.3%
US Capital Markets
3%
US Market
DSEC.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Daiwa Securities Group (DSEC.F) -1.2% -15.4% - - -22.2% -43.8%
US Capital Markets -2.6% -3.8% -0.2% -12.3% 50.3% 63.5%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • No trading data on DSEC.F.
  • No trading data on DSEC.F.
Price Volatility
DSEC.F
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Daiwa Securities Group's competitors could be found in our database.

DSEC.F Value

 Is Daiwa Securities Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Daiwa Securities Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Daiwa Securities Group.

OTCPK:DSEC.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 6 analysts.
= Stable Book Value * Return on Equity
= ¥819.72 * 6.6%
¥53.99
Book Value of Equity per Share Weighted future Book Value estimates from 5 analysts. ¥819.72
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:DSEC.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.694 (1 + (1- 30.86%) (1749.28%))
6.419
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for OTCPK:DSEC.F using Excess Returns Model Model

The calculations below outline how an intrinsic value for Daiwa Securities Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

OTCPK:DSEC.F Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.6% – 14.65%) * ¥819.72)
¥-66.10
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ¥-66.10 / (14.65% - 2.73%)
¥-554.51
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ¥819.72 + ¥-554.51
¥265.21
OTCPK:DSEC.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:DSEC.F represents 0.00913x of TSE:8601
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00913x
Value per Share
(Listing Adjusted, USD)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 265.21 x 0.00913
$2.42
Value per share (USD) From above. $2.42
Current discount Discount to share price of $4.35
= -1 x ($4.35 - $2.42) / $2.42
-79.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Daiwa Securities Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Daiwa Securities Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Daiwa Securities Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:DSEC.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥39.95
TSE:8601 Share Price ** TSE (2019-05-15) in JPY ¥476.4
United States of America Capital Markets Industry PE Ratio Median Figure of 87 Publicly-Listed Capital Markets Companies 32.33x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Daiwa Securities Group.

OTCPK:DSEC.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8601 Share Price ÷ EPS (both in JPY)

= 476.4 ÷ 39.95

11.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Daiwa Securities Group is good value based on earnings compared to the US Capital Markets industry average.
  • Daiwa Securities Group is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Daiwa Securities Group's expected growth come at a high price?
Raw Data
OTCPK:DSEC.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
9.6%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.26x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

OTCPK:DSEC.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.92x ÷ 9.6%

1.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Daiwa Securities Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Daiwa Securities Group's assets?
Raw Data
OTCPK:DSEC.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥800.12
TSE:8601 Share Price * TSE (2019-05-15) in JPY ¥476.4
United States of America Capital Markets Industry PB Ratio Median Figure of 168 Publicly-Listed Capital Markets Companies 7.83x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:DSEC.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8601 Share Price ÷ Book Value per Share (both in JPY)

= 476.4 ÷ 800.12

0.6x

* Primary Listing of Daiwa Securities Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Daiwa Securities Group is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Daiwa Securities Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Daiwa Securities Group has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

DSEC.F Future Performance

 How is Daiwa Securities Group expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Daiwa Securities Group expected to grow at an attractive rate?
  • Daiwa Securities Group's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Daiwa Securities Group's earnings growth is positive but not above the United States of America market average.
  • Daiwa Securities Group's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:DSEC.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:DSEC.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 9.6%
OTCPK:DSEC.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 10.4%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 7%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:DSEC.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:DSEC.F Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 103,236
2023-03-31 711,546 100,260 2
2022-03-31 733,135 88,425 3
2021-03-31 722,375 83,399 3
2020-03-31 576,000 76,057 1
OTCPK:DSEC.F Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 477,922 304,857 63,813
2018-12-31 722,020 86,985
2018-09-30 724,195 -766,494 95,564
2018-06-30 728,114 109,718
2018-03-31 712,601 -1,319,248 110,579
2017-12-31 693,358 96,357
2017-09-30 655,678 -202,635 100,354
2017-06-30 624,295 98,891
2017-03-31 616,497 44,543 104,067
2016-12-31 600,239 103,019
2016-09-30 600,693 498,769 102,679
2016-06-30 613,529 96,583

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Daiwa Securities Group's earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • Daiwa Securities Group's revenue is expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:DSEC.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Daiwa Securities Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:DSEC.F Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31 73.20 73.20 73.20 1.00
2022-03-31 57.11 67.13 35.43 4.00
2021-03-31 54.07 66.98 34.88 7.00
2020-03-31 48.76 59.99 34.15 8.00
OTCPK:DSEC.F Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 39.95
2018-12-31 53.98
2018-09-30 58.72
2018-06-30 66.86
2018-03-31 66.88
2017-12-31 57.73
2017-09-30 59.76
2017-06-30 58.67
2017-03-31 61.53
2016-12-31 60.74
2016-09-30 60.32
2016-06-30 56.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Daiwa Securities Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Daiwa Securities Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Daiwa Securities Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

DSEC.F Past Performance

  How has Daiwa Securities Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Daiwa Securities Group's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Daiwa Securities Group's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Daiwa Securities Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Daiwa Securities Group's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
Daiwa Securities Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Daiwa Securities Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:DSEC.F Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 477,922.00 63,813.00 211,954.00
2018-12-31 722,020.00 86,985.00 325,027.00
2018-09-30 724,195.00 95,564.00 326,633.00
2018-06-30 728,114.00 109,718.00 326,297.00
2018-03-31 712,601.00 110,579.00 320,775.00
2017-12-31 693,358.00 96,357.00 315,848.00
2017-09-30 655,678.00 100,354.00 312,182.00
2017-06-30 624,295.00 98,891.00 308,417.00
2017-03-31 616,497.00 104,067.00 307,898.00
2016-12-31 600,239.00 103,019.00 305,393.00
2016-09-30 600,693.00 102,679.00 305,043.00
2016-06-30 613,529.00 96,583.00 310,347.00
2016-03-31 653,038.00 116,848.00 319,762.00
2015-12-31 678,396.00 134,059.00 325,354.00
2015-09-30 704,311.00 146,208.00 327,069.00
2015-06-30 701,950.00 158,946.00 324,886.00
2015-03-31 659,288.00 148,490.00 317,901.00
2014-12-31 631,354.00 143,184.00 312,246.00
2014-09-30 615,253.00 148,091.00 310,735.00
2014-06-30 608,579.00 146,540.00 308,507.00
2014-03-31 642,818.00 169,457.00 312,373.00
2013-12-31 668,122.00 185,014.00 312,051.00
2013-09-30 629,838.00 155,673.00 301,625.00
2013-06-30 594,485.00 127,528.00 295,459.00
2013-03-31 525,366.00 72,909.00 284,801.00
2012-12-31 465,906.00 35,057.00 279,403.00
2012-09-30 433,651.00 -580.00 282,960.00
2012-06-30 422,578.00 -27,322.00 292,015.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Daiwa Securities Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Daiwa Securities Group used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Daiwa Securities Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Daiwa Securities Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Daiwa Securities Group has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

DSEC.F Health

 How is Daiwa Securities Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Daiwa Securities Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Daiwa Securities Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Daiwa Securities Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Daiwa Securities Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Daiwa Securities Group Company Filings, last reported 1 month ago.

OTCPK:DSEC.F Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,256,427.00 13,052,746.00 16,300,086.00
2018-12-31 1,247,474.00 10,322,142.00 16,113,727.00
2018-09-30 1,300,983.00 9,882,788.00 16,259,962.00
2018-06-30 1,371,242.00 9,685,541.00 16,392,490.00
2018-03-31 1,370,518.00 9,877,291.00 17,214,495.00
2017-12-31 1,375,630.00 10,728,707.00 18,663,318.00
2017-09-30 1,385,593.00 10,048,497.00 16,571,958.00
2017-06-30 1,340,128.00 9,893,635.00 16,017,261.00
2017-03-31 1,343,432.00 9,614,612.00 15,744,417.00
2016-12-31 1,347,050.00 10,211,621.00 16,339,852.00
2016-09-30 1,297,754.00 9,479,250.00 16,166,572.00
2016-06-30 1,267,302.00 8,862,993.00 17,557,886.00
2016-03-31 1,313,003.00 9,301,826.00 16,363,783.00
2015-12-31 1,354,597.00 11,458,076.00 18,915,263.00
2015-09-30 1,346,354.00 11,667,541.00 19,210,121.00
2015-06-30 1,362,122.00 12,067,077.00 19,133,180.00
2015-03-31 1,434,679.00 11,343,892.00 18,386,554.00
2014-12-31 1,392,696.00 11,673,980.00 19,067,180.00
2014-09-30 1,338,720.00 10,860,697.00 16,994,778.00
2014-06-30 1,259,598.00 12,101,907.00 16,171,159.00
2014-03-31 1,253,462.00 9,722,989.00 15,197,497.00
2013-12-31 1,235,567.00 11,350,227.00 16,700,447.00
2013-09-30 1,184,845.00 9,393,227.00 14,684,108.00
2013-06-30 1,129,031.00 9,629,882.00 15,601,090.00
2013-03-31 1,082,566.00 10,453,285.00 15,172,434.00
2012-12-31 999,453.00 9,297,851.00 13,715,120.00
2012-09-30 927,815.00 10,318,536.00 14,994,939.00
2012-06-30 921,695.00 9,993,393.00 14,448,994.00
  • Daiwa Securities Group's level of debt (1038.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (777.7% vs 1038.9% today).
  • Debt is not well covered by operating cash flow (2.3%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Daiwa Securities Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Daiwa Securities Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Daiwa Securities Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

DSEC.F Dividends

 What is Daiwa Securities Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.41%
Current annual income from Daiwa Securities Group dividends. Estimated to be 5.94% next year.
If you bought $2,000 of Daiwa Securities Group shares you are expected to receive $88 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Daiwa Securities Group's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Daiwa Securities Group's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:DSEC.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:DSEC.F Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 36.00 1.00
2023-03-31 37.00 2.00
2022-03-31 32.25 4.00
2021-03-31 25.33 6.00
2020-03-31 20.67 3.00
OTCPK:DSEC.F Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-04-25 21.000 4.242
2018-04-27 30.000 4.862
2018-02-07 26.000 3.763
2018-01-30 26.000 3.364
2017-10-25 26.000 3.602
2017-04-28 26.000 4.001
2016-10-28 25.000 3.570
2016-06-29 29.000 4.991
2016-04-28 29.000 4.800
2015-10-28 33.000 4.559
2015-06-26 30.000 3.478
2015-04-28 30.000 3.101
2014-10-30 31.000 3.310
2014-06-27 34.000 4.029
2014-04-30 34.000 4.150
2013-10-29 29.000 3.117
2013-05-01 15.000 1.734
2013-02-13 6.000 0.904
2013-02-01 6.000 1.084
2012-11-13 6.000 1.449
2012-11-02 6.000 1.903
2012-06-28 6.000 2.043
2012-04-27 6.000 2.260
2012-02-13 6.000 1.848
2012-01-31 6.000 2.147
2011-10-28 6.000 2.360
2011-04-27 6.000 1.899
2010-06-30 13.000 3.419
2010-04-30 13.000 3.183
2009-06-22 6.000 1.221

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Daiwa Securities Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Daiwa Securities Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Daiwa Securities Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Daiwa Securities Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

DSEC.F Management

 What is the CEO of Daiwa Securities Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Seiji Nakata
COMPENSATION ¥269,000,000
AGE 58
TENURE AS CEO 2.1 years
CEO Bio

Mr. Seiji Nakata has been the President and Chief Executive Officer of Daiwa Securities Group Inc. since April 1, 2017 and serves as its Corporate Executive Officer, Representative Corporate Executive Officer and Head of Retail. He serves as the President & Representative Director at Daiwa Securities Co. Ltd. Mr. Nakata served as Senior Managing Director of Daiwa Securities Group Inc. from June 28, 2016 to April 1, 2017. Mr. Nakata served as Deputy President and Chief Operating Officer of Daiwa Securities Group Inc. from April 1, 2016 to April 1, 2017. He served as Deputy President of Daiwa Securities Co., Ltd. since April 1, 2016. He served as Senior Executive Managing Director and Corporate Executive Officer of Daiwa Securities Group Inc. and Daiwa Securities Co., Ltd. from April 01, 2015 to March 31, 2016. Mr. Nakata served as Deputy Head of Retail at Daiwa Securities Group Inc. until April 5, 2016. Mr. Nakata served as the Deputy Chief Planning and Personnel Officer and Head of Corporate Planning Department at Daiwa Securities Group Inc. since 2007 and served as its Corporate Senior Executive Officer since 2009. He has been a Director of Daiwa Real Estate Asset Management Corporation since July 2009, is a Director at Daiwa Asset Management Co. Ltd. and DA Office Investment Corp. He has been Representative Director at Daiwa Securities Group Inc. since June 28, 2016. He served as a Director at Daiwa Office Investment Corporation. He served as a Statutory Auditor at Tokyo Financial Exchange Inc.

CEO Compensation
  • Seiji's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Seiji's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Daiwa Securities Group management team in years:

2.1
Average Tenure
57
Average Age
  • The tenure for the Daiwa Securities Group management team is about average.
Management Team

Takashi Hibino

TITLE
Chairman of the Board & Senior Managing Director
COMPENSATION
¥224M
AGE
63
TENURE
2.1 yrs

Seiji Nakata

TITLE
President
COMPENSATION
¥269M
AGE
58
TENURE
2.1 yrs

Toshihiro Matsui

TITLE
Dep. President
COMPENSATION
¥107M
AGE
56
TENURE
10.3 yrs

Masahisa Nakagawa

TITLE
Senior Executive MD
COMPENSATION
¥106M
AGE
56
TENURE
6.1 yrs

Keiko Tashiro

TITLE
Deputy President & Director
COMPENSATION
¥107M
AGE
55
TENURE
6.1 yrs

Kazuo Takahashi

TITLE
Deputy President
COMPENSATION
¥130M
AGE
58
TENURE
2.1 yrs

Eiji Sato

TITLE
Senior MD & CFO
TENURE
0.3 yrs

Hidenori Yamaguchi

TITLE
Head of Investor Relations

Akihiko Ogino

TITLE
Senior Executive Managing Director
AGE
52

Yoshinari Hara

TITLE
Chief Adviser
AGE
75
Board of Directors Tenure

Average tenure and age of the Daiwa Securities Group board of directors in years:

2.9
Average Tenure
58
Average Age
  • The average tenure for the Daiwa Securities Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Takashi Hibino

TITLE
Chairman of the Board & Senior Managing Director
COMPENSATION
¥224M
AGE
63
TENURE
2.1 yrs

Seiji Nakata

TITLE
President
COMPENSATION
¥269M
AGE
58
TENURE
2.1 yrs

Toshihiro Matsui

TITLE
Dep. President
COMPENSATION
¥107M
AGE
56
TENURE
2.9 yrs

Keiko Tashiro

TITLE
Deputy President & Director
COMPENSATION
¥107M
AGE
55
TENURE
4.9 yrs

Kazuo Takahashi

TITLE
Deputy President
COMPENSATION
¥130M
AGE
58
TENURE
1.9 yrs

Koichi Matsushita

TITLE
Deputy President
AGE
59
TENURE
0.9 yrs

Mikita Komatsu

TITLE
Senior Executive Managing Director & Director
AGE
56
TENURE
2.9 yrs

Shigeru Ishida

TITLE
Chairman of Daiwa Securities SMBC Hong Kong Ltd and Chairman of Daiwa Securities SMBCCathay Co Ltd

Hirotaka Takeuchi

TITLE
Outside Director
AGE
72
TENURE
3.1 yrs

Keiichi Tadaki

TITLE
Outside Director
AGE
75
TENURE
9.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Daiwa Securities Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Daiwa Securities Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

DSEC.F News

Simply Wall St News

DSEC.F Company Info

Description

Daiwa Securities Group Inc., together with its subsidiaries, primarily operates as a securities broker-dealer in Japan and internationally. The company operates in four segments: Retail, Wholesale, Asset management, and Investment. It provides services, such as brokerage, trading, underwriting, strategic advice, product development, and structured finance. The Retail segment offers online and telephone-based securities-related services through a network of 154 branches and sales offices, as well as non-face-to-face channels comprising the Internet and call centers. The wholesale segment provides sales and trading services of equities, bonds, foreign exchange, and derivative products to customers, including institutional investors and corporations; and underwriting services for equities and bonds, initial public offerings, and merger and acquisition advisory services. The Asset Management segment establishes and manages investment trusts primarily for individual investors and financial institutions; offers investment advisory services to pension funds and other institutional investors; and manages assets. The Investment segment is involved in venture, private equity, corporate loan, and energy investment activities. The company also provides research and consulting, information systems, banking, and other support services, as well as investment management, and advisory and agency services; and lends and borrows real estate properties. The company was formerly known as Daiwa Securities Co. Ltd. and changed its name to Daiwa Securities Group Inc. in 1999. Daiwa Securities Group Inc. was founded in 1902 and is headquartered in Tokyo, Japan.

Details
Name: Daiwa Securities Group Inc.
DSEC.F
Exchange: OTCPK
Founded: 1902
¥6,787,152,289
1,566,287,831
Website: http://www.daiwa-grp.jp
Address: Daiwa Securities Group Inc.
GranTokyo North Tower,
9-1, Marunouchi 1-chome,
Tokyo,
100-6751,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8601 Common Stock The Tokyo Stock Exchange JP JPY 02. Jan 1992
OTCPK DSEC.F Common Stock Pink Sheets LLC US USD 02. Jan 1992
DB DSE Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
OTCPK DSEE.Y SPONSORED ADR Pink Sheets LLC US USD 29. Jan 2010
Number of employees
Current staff
Staff numbers
14,791
Daiwa Securities Group employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:53
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/04/26
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.