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Investor Presentation 2007
Nobuyuki Koga
President and CEONomura Holdings, Inc.
May 14, 2007
Below is a summary of Nomura Holdings’ May 2007 investor presentation.
Date: May 14, 2007Place: 7th Floor, Nomura Securities Co., Ltd.Speaker: Nobuyuki Koga
President and CEONomura Holdings, Inc.
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1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2007 Nomura Holdings, Inc. All rights reserved.2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or
other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.
3. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.
4. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.
5. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.
6. The consolidated financial information in this document is unaudited.
1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2007 Nomura Holdings, Inc. All rights reserved.2. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by Nomura or any affiliate thereof. Offers to sell, sales, solicitations to buy, or purchases of any securities issued by Nomura or any affiliate thereof may only be made or entered into pursuant to appropriate offering materials or a prospectus prepared and distributed according to the laws, regulations, rules and market practices of the jurisdictions in which such offers or sales may be made.3. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Nomura.4. The information and opinions contained in this document have been obtained from sources believed to be reliable, but no representations or warranty, express or implied, are made that such information is accurate or complete and no responsibility or liability can be accepted by Nomura for errors or omissions or for any losses arising from the use of this information.5. This document contains statements that may constitute, and from time to time our management may make "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Any such statements must be read in the context of the offering materials pursuant to which any securities may be offered or sold in the United States. These forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, political events and investor sentiments, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size, and the number and timing of transactions.6. The consolidated financial information in this document is unaudited.
2
2
15.5%
5.2%7.4%
10.1%8.3%
-100
0
100
200
300
400
500
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3-5%
0%
5%
10%
15%
20%
25%
Changes Since Apr. 2003 – Profitability
Segment Income before Income Taxes and Consolidated ROE
Achieve an average consolidated ROE of 10%-15% in the medium to long term
Profitability improved significantly in past 4 years
Our Goal
OtherAsset ManagementGlobal Merchant Banking Global Investment BankingGlobal MarketsDomestic Retail
ROE
(billions of yen)
Good afternoon ladies and gentlemen. Thank you for attending Nomura Holdings’ investor presentation.
Today, I would like to outline the direction we will take going forward. In the four years since I became CEO, we have significantly transformed Nomura. First, I will take a few moments to speak about this transformation, before outlining what I see as our issues at hand and what we are doing to address these issues.
As we announced on April 26, net income for the year ended March 31, 2007, was 175.8 billion yen, and ROE was 8.3%. Total income before income taxes from business segments for the year was 377.3 billion yen, up from 89.2 billion yen four years ago. As such, revenue has increased significantly over the past four years.
3
3
AM 4%
Changes Since Apr. 2003 – Revenue Structure
FY2003.3Income before income taxes from all business segments
89.2 billion yen
GMB = LossAM 3%
FY2006.3 FY2007.3Income before income taxes from all business segments
377.3 billion yen
Large Large profitprofit
+7+73.33.3%%
+36+36.6%.6%
+45.7%+45.7%
--111.01.0%%% CAGR
FY2003.3-2007.3
Shifted to revenue structure balanced across 5 divisions
*DR = Domestic RetailGM = Global MarketsGIB = Global Investment Banking
AM10%
GMB15%
GIB13%
DR45%
GM17%
AM10%
GMB15%
GIB13%
DR45%
GM17%
Note: Pie charts based on income before income taxes of the five business segments
GMB11%
GIB11%
DR41%
GM33%
GMB11%
GIB11%
DR41%
GM33%
GIB9% DR
24%
GM64%
GIB9% DR
24%
GM64%
GMB = Global Merchant BankingAM = Asset Management
Looking at a breakdown of income before income taxes by segment, you can see that four years ago we relied heavily on Global Markets.
Revenue is now much more balanced across all five business divisions. I believe we have made much progress over the past four years to build up a revenue base that allows us to achieve sustainable ROE of 10-15%.
However, ROE in the prior fiscal year did not reach 10% for the full year, clearly pointing to issues that need to be resolved.
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4
22 Develop new businessesDevelop new businesses
33 Revamp international operationsRevamp international operations
11 Strengthen domestic client base, increase revenue sourcesStrengthen domestic client base, increase revenue sources
Next, I will outline the challenges I believe we face regarding the three issues for further growth I outlined at last year’s presentation, namely, strengthening our domestic client base and increasing our revenue sources, developing new businesses, and revamping our international operations.
5
5
GMB11%
GIB11%
DR41%
GM33%
GMB11%
GIB11%
DR41%
GM33%
AM10%
GMB15%
GIB13%
DR45%
GM17%
AM10%
GMB15%
GIB13%
DR45%
GM17%
22 Develop new businesses
+7+73.33.3%%
+45.7%+45.7%
% CAGR FY2003.3-2007.3
AM 4%GMB = LossAM 3%
11 Strengthen domestic client base, increase revenue sourcesStrengthen domestic client base, increase revenue sources
33 Revamp international operations
Note: Pie charts based on income before income taxes of the five business segments
GIB9% DR
24%
GM64%
GIB9% DR
24%
GM64%
*DR = Domestic RetailGM = Global MarketsGIB = Global Investment Banking
GMB = Global Merchant BankingAM = Asset Management
First, we have made significant progress in strengthening our domestic client base.
In particular, we are seeing noticeable results in our retail and asset management businesses on the back of the shift of the 1,540 trillion yen in personal financial assets in Japan from savings accounts to investment products.
6
6
0
50
100
150
200
250
X Y Nomura Z Group JapanPost
0
50
100
150
200
250
X Y Nomura Z Group Japan Post
Changes in Domestic Retail Business
Source: Company documents; Z Group personal deposits as of December 2006
Mar. 31, 2003 and Mar. 31, 2007 assets/deposits in custody
Mar. 31, 2003Mar. 31, 2007
(trillions of yen) (trillions of yen)
Personal depositsAssets in custody
Assets/deposits in custody(as at Mar.31, 2007)
Domestic Client Assets, the most important yardstick in our retail business, have more than doubled over the past four years from 40 trillion yen to 85 trillion yen.
7
7
2.23.0 3.3
5.3
7.4
1.1
1.61.9
2.3
2.0
0
2
4
6
8
10
Mar. 31,2003
Mar. 31,2004
Mar. 31,2005
Mar. 31,2006
Mar. 31,2007
0
10
20
30
40
50
60
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
FY2004.3 FY2005.3 FY2006.3 FY2007.3
Changes in Domestic Retail Business
Revenue base not significantly affected
by equity market movements
Revenue base not significantly affected
by equity market movements
Investment trust sales and steady investment trust administration fees expanding
Investment trust assets Domestic Retail equity and investment trust related revenue
Assets in overseas mutual fundsAssets in stock investment trusts
Investment trust administration fees and otherCommissions for distribution of investment trusts*Retail stock brokerage commissions
Volatile equity marketsVolatile equity markets
(billions of yen)(trillions of yen)
*Nomura Securities
Commissions for distribution of investment trusts have been expanding steadily and assets under management in investment trusts have grown markedly. As a result, investment trust administration fees have increased significantly in the last four years.
We have made steady progress in building a revenue base that is not strongly affected by equity market movements.
8
8
0
500
1,000
1,500
2,000
May 05 Nov 05 May 06 Nov 06
Background to Changes in Domestic Retail BusinessRetirement money flowing into investments
mainly through FA channelAssets under management in My Story Profit
Distribution-type Fund (B Course)Sales of My Story Profit Distribution-type Fund
(B Course) by channel (Jan.-Mar. 2007)
Total sales of 280 billion yen59% from FA channel
Total sales of 280 billion yen59% from FA channel
(billions of yen)
CustomerService Section
31%
FinancialConsulting
Section10%
FinancialAdvisorSection
59%
We were also quick to focus on building up our financial advisorchannel, which now accounts for over 50% of sales of the My Story Profit Distribution-type Fund, a balanced fund marketed to match the needs of retirees. This underscores the full-fledged flow of retiree funds into investment trusts in Japan.
9
9
3.8% 3.2%
4.8%
11.7%
19.5%
0
2
4
6
8
10
12
Mar. 31,2003
Mar. 31,2004
Mar. 31,2005
Mar. 31,2006
Mar. 31,2007
0%
5%
10%
15%
20%
25%90.1
65.8
49.0
40.340.4
4.00.5
10.0
20.6
36.5
0
20
40
60
80
100
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Changes in Asset Management
*Sales by banks from Mar. 31, 2005, exclude Nomura Trust & Banking
Nomura Asset Management AuM in public stock investment trusts Asset Management results
Diversification of sales channels contributes to revenue of Nomura Group
Sales by Nomura Securities and othersSales by Japan PostSales by banks*
Ratio of NAM investment trusts sold by banks and Japan Post*
Net revenue
Income before income taxes
(billions of yen)(trillions of yen)
In our asset management business four years ago, we relied heavily on Nomura Securities’ distribution network of branch offices. We have since diversified our sales channels, tying up with Japan Post, megabanks, and regional financial institutions.
As a result, overall assets under management have increased significantly and income before income taxes of asset managementdivision has jumped from 500 million yen three years ago to 36.5billion yen.
10
10
4155
61
80 8516
1818
2327
0
20
40
60
80
100
120
Mar. 31, 2003 Mar. 31, 2004 Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 2007
218
197
8091
40
0
50
100
150
200
250
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Growth in Domestic Retail and Asset Management
Domestic Client Assets/Asset Management assets under management
Domestic Retail and Asset Management combined income before income taxes
Asset Management AuMDomestic Client Assets
Asset ManagementDomestic Retail
(billions of yen)(trillions of yen)
Spurred on by the shift from savings to investment, combined income before income taxes from both Domestic Retail and Asset Management has surged fivefold over the past four years, and we expect the contribution to earnings to remain stable.
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11
AM10%
GMB15%
GIB13%
DR45%
GM17%
AM10%
GMB15%
GIB13%
DR45%
GM17%
11 Strengthen domestic client base, increase revenue sourcesStrengthen domestic client base, increase revenue sources
33 Revamp international operations
22 Develop new businessesDevelop new businesses
Large Large profitprofit
+36.+36.66%%
% CAGR FY2003.3-2007.3
AM 4%GMB = Loss
AM 3%
GMB11%
GIB11%
DR41%
GM33%
GMB11%
GIB11%
DR41%
GM33%
Note: Pie charts based on income before income taxes of the five business segments
GIB9% DR
24%
GM64%
GIB9% DR
24%
GM64%
*DR = Domestic RetailGM = Global MarketsGIB = Global Investment Banking
GMB = Global Merchant BankingAM = Asset Management
We are also seeing results in our efforts to increase revenue sources and develop new businesses.
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Feb. 2007Tsubaki Nakashima
Capital restructure by purchase of preferred shares
Capital restructure by Capital restructure by purchase of preferred sharespurchase of preferred shares
Use risk capital to contribute to clients’ growth strategies
Strategic delistingStrategic delistingStrategic delisting
Tender offer aimed at industry realignment
Tender offer aimed at Tender offer aimed at industry realignmentindustry realignment
Strategic delistingStrategic delistingStrategic delisting
Strategic delistingStrategic delistingStrategic delistingFeb. 2007Sunstar
Aug. 2006Oji Paper
Jul. 2006Skylark
Apr. 2006Sojitz
40bn yenNCI loan
commitment
30bn yenNPF
170bn yen NCI loan commitment
53bn yenNPF
300bn yen MPO
80bn yenNCI loan
commitment
New Businesses
During the past fiscal year, we were able to establish a strong foothold in new businesses that use our own capital to deliver solutions for our clients’ growth strategies. Some examples include Oji Paper’s drive to realign the paper industry, Sojitz’sstepped-up restructuring of its capital structure by purchasing preferred shares via an MPO, and Skylark and TsubakiNakashima’s decision to conduct management buy-outs due to the need to reorganize their operations.
In particular, we have been building up Nomura Capital Investment as part of our drive into new businesses and saw steady results in the provision of loans for MBOs.
13
13
New Businesses
-3
2618
97107
-20
0
20
40
60
80
100
120
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Global Investment Banking, Global Merchant Banking combined income before income taxes
Revenue growth by adding new businesses to traditional operations
Global Merchant BankingGlobal Investment Banking
(billions of yen)
Combined income before income taxes from Global Investment Banking and Global Merchant Banking has increased significantly from negative territory four years ago to 100 billion yen due tochanges in corporate activity in Japan and a transformation of our business model.
14
14
295325
11798
37
-50
0
50
100
150
200
250
300
350
400
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Revenue from 4 Divisions
26
10797
18
-3-20
0
20
40
60
80
100
120
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
40
80 91
197218
0
50
100
150
200
250
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Total income before income taxes from 4 divisions up threefold to 300bn yen
4 division combined income before income taxes
Asset Management
Global Merchant BankingGlobal Investment Banking
Domestic Retail
Income before income taxes 300 billion yen
Income before income taxes 100 billion yen
Income before income taxes 100 billion yen
Asset ManagementDomestic Retail
Global Merchant Banking
Global Investment Banking
(billions of yen)(billions of yen)
(billions of yen)
As a result of this progress, income before income taxes from these four business divisions, that is excluding Global Markets,has increased from 100 billion yen to 300 billion yen.
15
15
452
377
188226
89
-100
0
100
200
300
400
500
600
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2008.3 FY2009.3 FY2010.3
Raising income before income taxes to 500bn yen and higher
Income before income taxes from all business segments
Income before income taxes from all business segments
OtherGlobal Markets
Global Merchant BankingGlobal Investment BankingAsset Management
Domestic Retail
Need to reform wholesale business Need to reform wholesale business including international operationsincluding international operations
Raising income before income taxes to
500bn yen and higher
Raising income before income taxes to
500bn yen and higher
(billions of yen)
We have built up a platform for income before income taxes from all business segments including Global Markets and Other, to reach 400 billion by strengthening our domestic client base and increasing revenue sources.
However, to take income before income taxes to 500 billion yen and higher on a sustainable basis, we must reform our wholesale business, including international operations. This will be majorfocus for the year ahead.
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16
Nomura-style Growth in Wholesale
Deliver solutionsto clients
Focus resourcesin Asia
Use capitalUse capitalUse capital
Grow wholesale business asglobally competitive Japanese and Asian Nomura
Grow wholesale business asGrow wholesale business asglobally competitive Japanese and Asian Nomuraglobally competitive Japanese and Asian Nomura
International strategyInternational strategyInternational strategy
Nomura’s strength is our client base in Japan and Asia built up over many years. Our wholesale business, meanwhile, centers on proving solutions to our clients, rather than putting profits first through proprietary trading.
We do not intend to change this approach. We will use our capital to expand our wholesale business while managing risks appropriately.
In our international operations, we will increasingly focus management resources such as human resources and capital on Asia in order to establish ourselves as a globally competitive Japanese and Asian financial services group.
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Using Capital
Not limited to organic growth; pursue alliances and M&A if needed
FY2003.3 FY2006.3 FY2007.3FY2005.3FY2004.3
MPO/HPO370 billion yen
Unified Partners
Taishin Financial HD15 billion yen
Code Securities
MPO/HPO330 billion yen
MPO 36 billion yen
Go on the offensive, mobilize capital for business and strategic purposes
Note: MPOs and HPOs are issued amount (as of issue date); NCI loan transactions are corporate loans only(1) NPF/NFP=Skylark, Tsubaki Nakashima, and Mitsui Life Insurance
NPF(Millennium Retailing)50 billion yen
NPF(Misawa Homes HD)
Joinvest Securities12 billion yen
Real estate fund(DBJ)20 billion yen
NPF(Tungaloy, Sliontec)
NPF (Wanbishi Archives,Resort Solutions)
MPO/HPO600 billion yen
Fortress$888 million
Real estate fund(DBJ/Resona Bank)60 billion yen
NCI loan transactions170 billion yen
Research Affiliates
NPF/NFP(1)
100 billion yen
Joinvest Securities30 billion yen
Instinet$1.2 billion
In regards to using our own capital, we have been shifting course in two ways.
First, we have been making full use of risk capital to further expand our client-related businesses.
Second, we are not limiting ourselves to organic growth; insteadwe are seeking to accelerate growth through alliances and acquisitions, as we did with the acquisition of Instinet.
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18
Using Capital
Traditional securities business
New businessesEffective use of capital gives competitive edge
Provide risk capital
Proactive M&A
Expand infrastructure
2003.3 2007.3
Shareholders’Equity
1.64 trillion yen
Shareholders’Equity
1.64 trillion yen
Untapped capital
Untapped capital
WholesaleWholesale
DR/AMDR/AM
Strategic capital
Strategic Strategic capitalcapital
WholesaleWholesaleWholesale
DR/AMDR/AM
Shareholders’Equity
2.18trillion yen
Shareholders’Equity
2.18trillion yen
*AM=Asset Management, DR=Domestic Retail
Shareholders’ equity is a necessary driver of growth for us. Over the past four years, we have steadily increased business using our own funds and we intend to expand this even further this year.
We will particularly focus on strengthening areas where we have been lacking such as businesses for hedge funds and private equity funds as well as emerging markets.
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19
Instinet Growth StoryTe
chno
logi
es
Global / Hedge Funds
Electronic access to over 50 markets
Japan / Asia
Res
earc
h
No. 1 in Japanese equities, research
sales
Strengthen equity business globally by complementary relationship
Strengthen equity business globally by complementary relationship
Instinet acquisitionClosed Feb. 07
US$ 1.2bn
Instinet outline (FY2006)Operating profit US$ 70 mil
Use Nomura’s presence to access
growth markets
Respond to global ordersNew client base
Price
As part of this effort, we announced in November last year that we were acquiring Instinet.
With this, we can expect to see synergies that expand our hedge fund client base and increase our response to orders for not only Japanese equities but also global equities by tapping Instinet’shigh execution capabilities and US client base.
Instinet will also be able to access growing markets through fully utilizing Nomura’s solid client base in Japan and Asia. As such, we believe the acquisition of Instinet will give rise to an ideal complementary relationship for both companies.
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Instinet Growth Story
Investor needsInvestor needs
Investors focusing on best technologies and platforms to get best execution
Investors focusing on best technologies and platforms to get best execution
Client order flowClient order flow moving away from exchanges to alternative trading systems, market dispersion
US/Europe regulatory changes
US: Regulation NMSEU: MiFID
JapanCrossing CollaborateCollaborate
Japan/AsiaJapan/Asia
Growth markets
EuropeEuropeMove away from
exchanges
USUSAccess to best liquidity pools
(Markets in Financial Instruments Directive)
SMART ROUTER
In addition, with Regulation NMS in the US and MiFID in Europe, the environment surrounding global markets is going through sweeping changes. The best technologies and platforms will become more important than ever to ensure best execution.
The regulatory reforms in Europe present Instinet with a significant business opportunity. And in the US, proprietary trading systemsmay become as important as NASDAQ in terms of order execution. We can expect to see Instinet open the door to new clients looking to access the best liquidity pools.
In addition, Chi-X, launched in this April, will make a strong contribution to gaining orders from client’s looking for best execution as markets are opened up in Europe.
This trend will no doubt come to Japan as well. Considering the increasing importance of best execution, the levels of liquidityprovided by Japan Crossing will offer huge potential going forward.
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21
Fortress
Investment in Fortress Investment Group
Announced in Dec. 2006; $888 million (approx. 100 billion yen, $16.12 per share)Listed on NYSE in Feb. 2007 (price at end Apr. $29.01)
Outline of Fortress Investment Group (FY2006)
AuM: Approx. $35 billion (Hedge funds, private equity funds, real estate funds etc.)
America Europe
USUS EuropeEurope Asia TraditionalTraditional Alternative
Our investment in Fortress Investment Group announced in December last year has already seen a strong potential gain due to Fortress’ IPO. However, our investment in Fortress is for the long-term.While Fortress has a strong base in Europe and the US, Asia is adifferent story and this is one area for a complementary relationship.Further, although Nomura is strong when it comes to traditional investment products, our offerings of alternative products are weak. This is a second area where together we can achieve a complementary relationship.By building up a good partnership with Fortress, we can expect to achieve synergies for our hedge fund and private equity businesses in Global Markets and Global Investment Banking.Looking ahead, we will continue to make full use of M&A, confident that we can make one plus one equal more than two, and that M&A will be an effective means to implement our strategy of putting our clients at the heart of our business.
22
22
Focus on core competencies
AmericasAmericasAmericas
Expand operations
AsiaAsiaAsia
33 Revamp international operationsRevamp international operations
Accelerate efforts
Increase function as product supply hub
EuropeEuropeEurope
Now, turning to revamping our international operations, we took on a new approach one year ago to create different business models for the US, Europe and Asia in order to boost earnings. We will continue to accelerate this approach throughout the year ahead.
In the US, we will speed up our focus on core competencies to strengthen profitability.
In Europe, we have achieved a significant improvement in earnings. We have opened an office in Russia and strengthened our emerging equities team. We intend to continue this growth in ouremerging markets business. Last year, our equity derivatives team in Europe started delivering products to Asia, further underscoring Europe’s position as a hub to supply products to Asia including Japan.And in the coming year we will make a strong push in Asia.
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23
Asian company listings in JapanKorea POSCO (’05)China AsiaMedia (’07)
Offer investment opportunities
Asia
Lead manager of global offerings by Asian companies
India Infosys Technologies(’05,’06)
India ICICI Bank(’05) Korea Lotte Shopping(’06)
Taiwan PowerchipSemiconductor (’06)
Deliver added value
AuM in Asia-focused stock investment trusts*Asia Attractive Dividend Stock Fund 440bn yen
Nomura India Investment Fund 130bn yenFidelity Japan Asia Growth Fund 85bn yen
Additional QFII quota in ChinaTotal quota $350 million= largest for Japanese securities firm
*As of April 27, 2007
We are already seeing results when it comes to delivering investment opportunities to the Japanese retail market from Asia, such as distributing investment trusts that make use of our QFIIquota in China.
We will continue to leverage the pool of personal financial assets available in Japan along with our global network to deliver results such as winning investment banking business to build on recent successes including the IPO of China’s Asia Media, and global offerings by Infosys Technologies and Powerchip Semiconductor
24
24
Started selling Nomura Japan Open fund
Samsung Securities Samsung Securities Samsung Securities
Strengthen local asset management capabilities, expand investment advisory business
Established Nomura Asset Management MalaysiaEstablished Nomura Asset Management MalaysiaEstablished Nomura Asset Management Malaysia
Supply products to local high-net-worth investors, mutual introduction of investment banking
opportunities and exchange of research
Taishin Financial HoldingTaishin Financial HoldingTaishin Financial HoldingTaishin International Bank Taiwan SecuritiesSigned memorandum of understanding to
collaborate on equitization of Vietnamese state-owned enterprises
State Capital Investment CorporationState Capital Investment CorporationState Capital Investment Corporation
Tie up with leading Asian financial institutions through alliances and M&A to deliver further solutions
FY2008.3Establish ourselves as Asia’s Nomura
Established Asia Merchant BankingEnhanced Asia Wealth Management
In addition to existing businesses that tap our strong client base in Japan, we are delivering solutions that meet the increasingly diverse needs of our Asian clients.
We will continue to build up our network by actively tying up with leading Asian financial institutions through alliances and M&A as we have done so far through collaborations with Taiwan’s Taishinand Vietnam’s SCIC. In doing so, we will act swiftly to build up a competitive edge in delivering solutions across Asia.
25
25
504.0 521.4
607.8
680.5
0
200
400
600
800
FY2004.3 FY2005.3 FY2006.3 FY2007.3
Strategic Investment
607.8bn yen607.8
bn yen
680.5bn yen680.5
bn yen
Non-interest expenses
Breakdown of FY2007.3 expense increases
FY2006.3 FY2007.3
Information processing and communications, and Occupancy and related depreciationCompensation and benefits
Other
*Two months consolidated for FY2007.3
DR
GIB
AM
Instinet*
others
(billions of yen)
As I mentioned last year, one of our most important issues is toinvest in human resources and infrastructure. We will continue to invest in talented people as well as highly reliable informationtechnologies and execution infrastructure. Last fiscal year, non-interest expenses increased 12% from the prior year due mostly to a build up of human resources, IT, and branch offices in Domestic Retail, an increase in overseas headcount in Global Investment Banking, a strengthening of the wholesaler channel in Asset Management, and the acquisition of Instinet completed in February this year.
This all represents strategic investment for future growth. We plan to continue with this while keeping an eye on costs.
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26
1Q = 8.5 yen2Q = 8.5 yen3Q = 8.5 yen4Q = 8.5 yen +α(performance-linked)
Dividend target (minimum level of dividend) = Dividend target (minimum level of dividend) = DOE 3.0%DOE 3.0%
PerformancePerformance--linked portion based on fulllinked portion based on full--year year dividend payout ratio of dividend payout ratio of over 30%over 30%
Low ROE High
Dividend per
share (yen)
DOE3.0%
Dividend payout ratio over 30%
Dividend Policy
Fiscal Year ending Mar. 2008
Before finishing, I would like to briefly outline our efforts in returning profits to shareholders.
Our target dividend for this year is 34 yen per share, up 2 yen from 32 yen per share last year, representing a dividend-on-equity of 3%. In regards to the performance-linked portion, we remain committed to a payout ratio of 30% or more and will continue to actively return profits to our shareholders.
27
27
17%
24%
18%
48%41%
30%
0
30
60
90
120
150
0%
10%
20%
30%
40%
50%
Returning Profits to Shareholders
Fixed dividend
Share buybacks (lhs)
Dividend(lhs)
Payout ratio(rhs)
Minimum level +performance-linked
(billions of yen)
FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.315 15 15 20 48 44
11.1% 7.4% 10.1% 5.2% 15.5% 8.3%18% 24% 17% 41% 30% 48%
Dividend per share(yen)
ROEPayout ratio
Over the past four years, we have clarified our policy on returning profits to shareholders, while also greatly increasing our dividend level.
We will continue to look into share buybacks. However, strengthening our wholesale business is our highest priority this year.
28
28
FY2007.3Dividend=44yen
Payout ratio=47.7 %
Total=83.9 billion yen
Dividend growthDividend growthDividend growth
FY2007.3Instinet acquisition, Fortress investment
Total: US$2.1 billion(approx. 250 billion yen)
Profit growthProfit growthProfit growth
Grow profit and dividend
Last year I said that Nomura would seek to grow both profits anddividends simultaneously. As you can see, the year ended March 2007 has paved the way for this.
This year, we will focus on making more active use of our capital to deliver growth in the company and growth in dividends to our shareholders.
29
Appendix
30
30
Macroeconomic Data
31
31
(yen)
Household Financial Assets926 trillion yen
Household Financial Assets1,356 trillion yen
Household Financial Assets1,541 trillion yen
Household Financial Assets332 trillion yen
Bonds 2.3%Equities 13.6%
Investment Trusts 1.3%
Cash &Deposits
58.7%Insurance & Annuities13.0%
Mar.1980
Mar.1989
Bonds 1.9%Equities 23.4%
Cash & Deposits
44.3%
Insurance &Annuities
18.0%
Mar.2003
Equities 5.3%
Cash & Deposits
57.2%Insurance &Annuities
27.8%
Dec.2006
Bonds 2.4%Equities 11.9%
Cash & Deposits
50.5%Insurance &Annuities25.9%
Investment Trusts 4.1%Bonds 1.7%Investment Trusts 2.1% Investment Trusts 4.3%
Nikkei-225 and Distribution of Household Financial Assets
Early Early ’’80s80s11 Bubble periodBubble period22 Economic troughEconomic trough33 CurrentCurrent44
Source: Nomura, based on Bank of Japan data; ; as of end Mar. 2007, Dec. 2006 figures are preliminary amounts
05,000
10,00015,00020,00025,00030,00035,00040,00045,000
11
22
3344
32
32
Household Financial Assets 1,541 trillion yen
Household Financial Assets 42.1 trillion dollars
JapanJapan
Dec.2006
Cash &Deposits50.5%Insurance &
Annuities25.9%
Bonds 2.4%Equities 11.9%
Investment Trusts 4.3%
USUS
Dec.2006
Cash &Deposits13.2%
Insurance & Annuities
31.6%
Bonds 7.2%Equities 30.6%
Investment Trusts 14.4%
Comparison of Households Financial Asset in Japan and US
Source: Nomura, based on Bank of Japan and FRB data; as of end Mar. 2007
(Dec. 2006 preliminary figures)
Total18.6%TotalTotal18.6%18.6%
Total52.2%TotalTotal52.2%52.2%
33
33
45 49 48 53 72 77 100140
184217 203
172126 119 123 118
144103 90 96
138107 85 72
116 132
196 18314
23
33
3838
34
28 27 28 2229
2825 26
3234
3028
3438
55 66
1922
22
21
18 18
23
28 31 31 32
29
2827 25
2427
2623
2330
34 37
12106544
17
8141110
57 64 64 7399 108
137
184
238
273 260229
182 177 182 173202
159142 147
194168
142123
173200
285 287
0
50
100
150
200
250
300
350
195 217 242 263 283 305 329 355 382 410 448 482 517 540 567 601 630 658 694 724 745 751 765 775 780 775 770 779
0
200
400
600
800
0.01.02.03.04.05.06.07.08.0
Source: Nomura, based on Bank of Japan, Japan Post data; As of end Mar. 2007, Dec. 2006 figures are preliminary amounts
Investment Assets among Households
(P)
Cash & DepositsCash & Deposits
Investment AssetsInvestment Assets
(%)
(trillions of yen)
(trillions of yen)
BondsInvestment Trusts Equities
Japan Post "Teigaku Saving(fixed 3y)” (lhs)Cash & deposits (rhs)
Mar.'80
Mar.'81
Mar.'82
Mar.'83
Mar.'84
Mar.'85
Mar.'86
Mar.'87
Mar.'88
Mar.'89
Mar.'90
Mar.'91
Mar.'92
Mar.'93
Mar.'94
Mar.'95
Mar.'96
Mar.'97
Mar.'98
Mar.'99
Mar.'00
Mar.'01
Mar.'02
Mar.'03
Mar.'04
Mar.'05
Mar.'06
Dec.'06
34
34
0
10
20
30
40
50
60
70
80
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 20070
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Nikkei-225 Stock Average
Publicly Offered Investment Trusts Net Assets
(yen)
45.5 trillion yen
Dec. 1989Publicly Offered Stock
Investment Trusts
60.5 trillion yen
Jun. 2000Publicly Offered
Investment Trusts
72.6trillion yen59.4trillion yen
Mar. 2007Publicly Offered Stock
Investment Trusts Publicly Offered
Investment Trusts (trillions of yen)
Source: The Investment Trusts Association, Japan
Publicly Offered Bond Investment Trusts (Including Money Management Funds)
Publicly Offered Stock Investment Trusts
35
35
0
50
100
150
200
250
69 72 75 78 81 84 87 90 93 96 99 2002 20050502
Sixth straight year of profit growth expectedSixth straight year of profit growth expected
Japanese Corporate Earnings Outlook
(FY1989=100)
NOMURA400 recurring profit NOMURA400 recurring profit (consolidated)(consolidated)
(FY)Note: FY06/07 are estimate/forecast by Nomura Securities Financial & Economic Research Center (as of April 26, 2007)
Source: Nomura Securities Financial & Economic Research Center
FY RecurringProfit Growth
2002 142.4%2003 69.6%2004 19.9%2005 20.5%
2006(e) 6.8%2007(f) 12.6%
36
36
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
(%)
Corporates
Individuals
Banks
Life insurers
Trust banks
Non-Japanese Annuity trusts
Investment trusts
Shareholders of Listed Japanese Companies
(FY)Note: Distribution of listed common stock of domestic companies as at end of each fiscal year. Trust banks includes shares held only on bank accounts.Source: Nomura Securities Financial & Economic Research Center based on data from Japanese securities exchanges.
37
37
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
CY2001 CY2002 CY2003 CY2004 CY2005
GDPGDP
Australia
Canada
UK
US
France
Japan
GDP and M&A Ratios
( % )M&A / GDP ratioM&A / GDP ratio
(billions of US$)
Source: IMF, Thomson Financial etc. Prepared by Nomura.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
USJapan UK
France
Canada
Australia
38
38
0
50
100
150
200
250
300
350
97 98 99 00 01 02 03 04 05 06 07
TOPIX (Japan)
Standard & Poor's 500 Index (US)
NASDAQ Composite Index (US)
FTSE 100 Index (UK)
All Ordinaries Index (Australia)
Hang Seng Index (Hong Kong)
Straits Times Index (Singpore)
0
200
400
600
800
1000
1200
1400
1600
1800
85 87 89 91 93 95 97 99 01 03 05 07
TOPIX (Japan)
Standard & Poor's 500 Index (US)
NASDAQ Composite Index (US)
FTSE 100 Index (UK)
All Ordinaries Index (Australia)
Hang Seng Index (Hong Kong)
Straits Times Index (Singpore)
Source: Nomura, based on stock exchange websites; Stock prices up to Apr. 20, 2007.
World Stock Indices
Stock indices since 1985Stock indices since 1985 Stock indices for past 10 yearsStock indices for past 10 years(Jan. 1985 = 100) (Jan. 1997 = 100)
39
39
Domestic Retail
40
400
5
10
15
20
25
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Expanding Contact with Customers Domestic RetailDomestic Retail
Further acceleration of net asset inflow(announced)
Target: 50-100 new branchesTarget: 3,000 staff Target: 1,000 staff
Financial advisorsFinancial advisors Branch officesBranch offices Call centersCall centers
Apr. 2007158
Mar. 2006134
Mar. 2007700
Mar. 2006600
Mar. 20061,948
Apr. 20072,296
Strategy to expand customer contact pointsStrategy to expand customer contact points
(trillions of yen)
Accumulated net inflow of Domestic Client Assets since fiscal year ended Mar. 2003
= approx. 22.5 trillion yen
Accumulated net inflow of Domestic Client Assets since fiscal year ended Mar. 2003
= approx. 22.5 trillion yen
41
41
1 My Story Profit Distribution-type Fund (6 times/year) 1,4532 Global Attractive Dividend Stock Fund (Monthly) 4113 Nomura Multi-currency Japan Stock Fund 3394 Asia Attractive Dividend Stock Fund 3395 Nomura Global REIT Fund 3346 Nomura Japan Stock Strategic Fund (Big Project-N) 3047 Nomura All-In-One Fund 2698 Nomura Fund Masters Global Bond 2489 Japan Attractive Dividend Stock Fund 233
10 Fidelity Japan Open 2254,154Total
Japanese equities27 %
Global equities 18 %
Balanced-type41 %
Global bonds 6 %
Product Strategy Matched to Customer Needs Domestic RetailDomestic Retail
Domestic Retail top-ranking* investment trusts (as of Mar. 2000)
Domestic Retail top-ranking* investment trusts (as of Mar. 2000)
Domestic Retail top-ranking* investment trusts (as of Mar. 2007)
Domestic Retail top-ranking* investment trusts (as of Mar. 2007)
Global bonds 3%Global equities 4%
Balanced-type 3%
Japanese equities 90%
(billions of yen) (billions of yen)
1 Nomura Japan Stock Strategic Fund (Big Project-N) 1,0892 Fidelity Japan Open 4333 Nomura Japan Open 3134 Small Capitalization Blue Chip Open 1815 Nomura Information/Electronics RF Rainbow 1096 Janus Global Technology Fund 1007 Nomura Index Open Nikkei 300 978 Asset Backed Securities Open 849 Invesco GT Global Investment Open 82
10 Nomura Accumulation Stock Fund - MIP 782,566Total
Global REITs 8 %
*Excluding short-term (MMFs, foreign currency MMFs etc) and bond investment trusts
42
42
1008581
6155
4144
5055
5256
52
61
0
20
40
60
80
100
120
FY2002.3 FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3 FY2010.30
100
200
300
400
500
600
Note: Return on Domestic Client Assets = Domestic retail net revenue/Domestic Client Assets (end of period)
Targeting 100 trillion yen in Domestic Client Assets Domestic RetailDomestic Retail
Domestic Client Assets (trillions of yen)Return on Domestic Client Assets (bps)
Net revenue(billions of yen)
Domestic Client Assets target: 100 trillionRevenue of around 500 billion yen
Domestic Client Assets (at end, lhs)Return on Domestic Client Assets (lhs)Domestic Retail net revenue (rhs)
43
43
Global Markets
44
44
Dispersion of trading risk and increase in revenue opportunities by diversifying product offering
FY2007.3 : 670 billion yen
FY2007.3 : 1,200 billion yen
FY2007.3 : 580 billion yen
Retail foreign Retail foreign currency bondscurrency bonds
Interest rate/forexInterest rate/forex--linked structured linked structured
bondsbonds
EquityEquity--linked linked structured bonds/structured bonds/Fund derivativesFund derivatives
CreditCredit--linked linked productsproducts
CommodityCommodity--linked linked structured bondsstructured bonds
Diversification of Product Offering Global MarketsGlobal Markets
In addition to retail foreign currency bonds, we have diversified our product lineup by significantly increasing distribution of interest rate and foreign exchange structured bonds since 2000.
In 2004, we set up specialist teams in Europe for equity-linked structured bonds and fund derivatives. This business was fully up and running in the second half of last fiscal year and is now becoming a new pillar of revenue.
Moving forward, we plan to step up commodity-linked structured bond sales and our operations in credit-linked products. By including credit and commodity products in our portfolio in addition to interest rate and foreign exchange products and stocks, we will be able to disperse trading risks and increase revenue opportunities.
45
45
Outline of Real Estate Fund based on Alliance
Urban Revitalization Private FundUrban Revitalization Private Fund Green R FundGreen R Fund
Outline: DBJ and Nomura Holdings partnered to establish and operate Urban Revitalization Private Mezzanine Fund in May 2004, pioneering mezzanine finance in real estate in Japan.With establishment of this fund, investment extended to equity, making it possible to respond to various real estate financing needs.
Established: December 2006
Office buildings, rental apartments, commercial facilities, warehouses, hotels, others
Investments:
Funds invested:
Outline: Real estate investment fund established by Nomura Holdings, Resona Bank, and Nomura Real Estate.Nomura Holdings is responsible for raising funds and other securities related issues, Resona Bank gathers information on appropriate real estate investment targets, and Nomura Real Estate manages the actual properties and runs the fund.
Established: December 2006
Office buildings, commercial facilities, others
Investments:
Target asset level:
Funds invested:
Aim for about 100 billion yen based on increase in investment.
AuM: Currently 16 billion yen
10 billion yen
Global MarketsGlobal Markets
Total 30 billion yen (plan to increase to 50 billion yen in future)
Possible to invest in real estate businesses with scale of around 500 billion yen by raising debt from external sources.
Target asset level:
46
46
Global Investment Banking
47
47
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Rank Value($mil) 12,478 20,204 65,675 40,044 36,925
Mkt.Share(%) 19% 23% 49% 27% 21%
Rank 2nd 3rd 1st 1st 3rd
No. ofDeals 108 126 132 134 156
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Proceeds($mil) 7,243 14,054 13,571 14,118 19,150
Mkt. Share(%) 30% 30% 25% 26% 33%
Rank 1st 1st 1st 1st 1st
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
0
20
40
60
80
100
120
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Global Investment Banking Global Investment BankingGlobal Investment Banking
League tables
Any Japanese involvement financial advisors (announced deals, value base)
Global equity & equity-related (Japan)
Source: Nomura, based on Thomson Financial
GIB Net revenue and Income before income taxes
Equity finance results
Net revenueIncome before income taxes
PO/IPO/CB/REIT lead managerMPO/HPO
(billions of yen)
(trillions of yen)
Source: Nomura
48
48
Global Merchant Banking
49
49
231.2
98.7132.1
84.535.9
543.4
439.1457.6
375.7
301.6
0.0
100.0
200.0
300.0
400.0
500.0
600.0
Business Exposure Global Merchant BankingGlobal Merchant Banking
Business exposure at fiscal year end
Terra FirmaEurope (ex. Terra Firma)Japan
(billions of yen)
Note: Japan is total of Nomura Principal Finance, Nomura Financial Partners, Nomura Research & Advisory and othersEurope (excluding Terra Firma) is total of the Private Equity Group and Nomura Phase4 Ventures
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3Japan 20.1 68.9 108.4 59.9 195.5Europe (excluding Terra Firma) 15.9 15.6 23.7 38.8 35.7
Sub Total 35.9 84.5 132.1 98.7 231.2
Terra Firma 265.7 291.2 325.5 340.4 312.2Total 301.6 375.7 457.6 439.1 543.4
50
50
0
50
100
150
200
250
300
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
-20
0
20
40
60
80
FY2003.3 FY2004.3 FY2005.3 FY2006.3 FY2007.3
Main Investments and Exits
Sale of businessTaiyo ElectricTaiyo Electric
Build investment portfolio of 250-300bn yenIRR over 20%, time-span of 3-5 years
Global Merchant BankingGlobal Merchant Banking
(billions of yen)
(billions of yen)
Partial sale of stakeWanbishiWanbishi ArchivesArchives
Sale of stakeMillennium RetailingMillennium Retailing Sale of stake, etc.
Resort Resort SolutionsSolutions
Partial sale of stakeTungaloyTungaloy
Net revenueIncome before income taxes
Global Merchant Banking Business exposure (ex. Terra Firma ; at end of period)
MBO
Capital increase
WanbishiWanbishi ArchivesArchives
Resort Solutions Resort Solutions (formerly Misawa Resort)(formerly Misawa Resort)
MBO
MBO
MBO
Taiyo ElectricTaiyo Electric(Parent: NEC)(Parent: NEC)
TungaloyTungaloy(formerly Toshiba Tungaloy)(formerly Toshiba Tungaloy)
SliontecSliontec(Parent: Hitachi)(Parent: Hitachi)
Revitalization sponsor
Capital increase
Huis Ten BoschHuis Ten Bosch
Millennium RetailingMillennium Retailing
Review of shareholder compositionYMCYMC
Capital increaseMisawa HomesMisawa Homes
SkylarkSkylarkMitsui Life InsuranceMitsui Life Insurance
EasternEasternCapital increase
MBO
Capital increase
Kawamura ElectricKawamura Electric Review of shareholdercomposition
TsubakiTsubaki NakashimaNakashima MBO
51
51
Merchant Banking Strengths and Results
Main strength is sourcing capability via nationwide network
MBO
November 2003Tungaloy (Kanagawa)
November 2003Tungaloy (Kanagawa)
MBO
February 2007Tsubaki Nakashima
(Nara)
February 2007Tsubaki Nakashima
(Nara)Review of shareholder
profile
March 2007Kawamura Electric
(Aichi)
March 2007Kawamura Electric
(Aichi)
Invest: 50bn yenExit: Approx. 130bn yen
July 2004Millennium Retailing
(Tokyo)
July 2004Millennium Retailing
(Tokyo)
MBO
June 2006Skylark (Tokyo)
June 2006Skylark (Tokyo)
MBO
December 2003Sliontec (Kanagawa)
December 2003Sliontec (Kanagawa)
MBO
Review of shareholderprofile
July 2001CCI (Gifu)July 2001
CCI (Gifu)
March 2005YMC (Kyoto)
March 2005YMC (Kyoto)
Business revitalization
June 2004Huis Ten Bosch
(Nagasaki)
June 2004Huis Ten Bosch
(Nagasaki)
Capital increase
September 2006Eastern (Nagano)
September 2006Eastern (Nagano)
Global Merchant BankingGlobal Merchant Banking
52
52
Asset Management
53
53
2.20.90.3
1.3%
2.2%
4.0%
0
10
20
30
40
50
60
Mar. 31, 2005 Mar. 31, 2006 Mar. 31, 20070%
1%
2%
3%
4%
5%
6%
0
100
200
300
400
500
600
700
800
2005/10/07 2006/03/31 2006/09/22 2007/03/16
*Excludes funds sold by Nomura Trust & Banking
Aiming to Boost Share of Funds for Bank Customers Asset ManagementAsset Management
(billions of yen) (trillions of yen)Nomura Asset Management share of investment trusts
sold by Japan Post
Nomura Asset Management share of investment trusts
sold by Japan Post
Nomura Asset Management share of funds for bank and
Japan Post customers
Nomura Asset Management share of funds for bank and
Japan Post customers
*As of April 27, 2007
Nomura Global 6 Assets Diversified Fund
Competitor productsNomura Asset Management fundsfor bank* & Japan Post customers
Nomura Asset Management share*(rhs)
Funds for bank & Japan Post customers
Source: The Investment Trusts Association, Japan
470 billion yen*(60%)
470 billion yen*(60%)
54
54
Corporate Data
55
55
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
60,000
65,000
70,000
80/0
1
81/0
1
82/0
1
83/0
1
84/0
1
85/0
1
86/0
1
87/0
1
88/0
1
89/0
1
90/0
1
91/0
1
92/0
1
93/0
1
94/0
1
95/0
1
96/0
1
97/0
1
98/0
1
99/0
1
00/0
1
01/0
1
02/0
1
03/0
1
04/0
1
05/0
1
06/0
1
07/0
1 -1,000
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
0
Nomura Holdings Share Price
Share price (monthly) and trading volume* since 1980Share price (monthly) and trading volume* since 1980(yen)
(thousandsof shares)
* Daily average by month
1980/01 - 2007/04
285(80/04)
5,816(87/04)
805(98/10)
3,510(00/02)
1,087(03/04)
56
56
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Jan 07 Feb 07 Mar 07
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