Komori
The Imamura Securities (7175) · TargetAdvanced

A stable earnings base less susceptible to stock market conditions

First written in FY2016. 12 of 35 entries say "Advanced", first in FY2018. Latest entry: 2026-07-24.

35entries
11years
4from disclosures
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How it moved
ProgressHeldSoftenedWorseFirst statedFY2016 – FY2017WorsenedFY2019-Q3 – FY2020-Q3OtherFY2022-Q2 – FY20232016: 120162017: 120172018: 320182019: 420192020: 420202021: 420212022: 420222023: 420232024: 320242025: 220252026: 52026
Same theme, other companies
Diversification of Financial Revenue Sources by Reducing Dependence on Stock Market ConditionsA theme 6 companies write about · 0 as a headwind · 6 as a tailwind

The whole theme swung hardest in 2017: 1 of 6 companies on the "Worse" side.

5 other companies' latest entry also says "Advanced".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Full recordFilings, disclosures and news, newest first
  1. 2026-07-24AdvancedFinancial results

    「We aim to establish an earnings base that is less susceptible to stock market conditions by increasing assets under custody in investment trusts and growing revenue from the asset base. As a management metric, we use the “expense coverage ratio from beneficiary certificates” and aim to achieve “more than 36% by the end of the fiscal year ending March 2029 (more than 50% in the long term).”」

    The company continues to pursue its target for the expense coverage ratio from beneficiary certificates. The ratio for the first quarter was 32.9%, up from 29.7% in the same period of the previous year.
  2. FY2026AdvancedAnnual report

    「The expense coverage ratio from beneficiary certificates was 31.7% in the fiscal year under review, compared with 27.7% in the previous fiscal year.」

    Against the targets of more than 36% by the end of the fiscal year ending March 2029 and more than 50% over the long term, the expense coverage ratio from beneficiary certificates rose from 27.7% to 31.7%.
  4. FY2026-H1AdvancedAnnual report

    「We are seeking to establish a revenue base less susceptible to equity market conditions by increasing assets under custody in investment trusts and growing recurring revenue. As a management KPI, we have adopted the “expense coverage ratio from beneficiary certificates” and aim to achieve more than 36% by the end of the fiscal year ending March 2029, and more than 50% over the long term.」

    We continued to build a revenue base focused on investment trust assets under custody and recurring revenue. The expense coverage ratio from beneficiary certificates was 30.4% in the interim period, compared with 26.9% in the same period of the previous year, representing measurable progress toward the target of more than 36% by the end of the fiscal year ending March 2029 and more than 50% over the long term.
  5. FY2025ReframedAnnual report

    「“Moving beyond the former revenue structure”: We will seek to establish a revenue base less susceptible to equity market conditions by increasing assets under custody in investment trusts and growing recurring revenue. To this end, we have newly adopted the expense coverage ratio from beneficiary certificates, calculated using the formula below, as a management KPI, and aim to raise it above 36% over the medium term and above 50% over the long term. The expense coverage ratio from beneficiary certificates was 27.7% in the fiscal year under review, compared with 28.9% in the previous fiscal year.」

    The KPI was changed from total expense coverage of more than 80%, later revised to more than 50%, to the expense coverage ratio from beneficiary certificates of investment trusts and other products. The medium-term target is above 36% and the long-term target is above 50%; the ratio was 27.7% in the fiscal year under review.
  6. FY2025-H1AchievedAnnual report

    「The expense coverage ratio, one of our key performance indicators, was 51.3%, compared with 67.8% for the previous interim accounting period, achieving the target of over 50%.」

    The expense coverage ratio declined from 67.8% in the same period of the previous year to 51.3%, but exceeded the current target of 50% during the interim accounting period.
  7. FY2024SoftenedAnnual report

    「The expense coverage ratio for the fiscal year was 56.1%, compared with 81.1% in the previous fiscal year, falling short of the target of 80%. This was due to a decline in bond commissions resulting from the absence, from the second quarter onward, of sales of yen-denominated bonds with an exchangeable feature for shares of other companies and yen-denominated Nikkei 225-linked bonds. We will continue to increase revenue from sources other than stock brokerage commissions and work to reduce unnecessary expenses.」

    The expense coverage ratio fell from 81.1% to 56.1%, falling short of the target of over 80%. In response to changes in the bond sales environment, the company indicated a policy of revising the target for the new fiscal year to over 50%, lowering its numerical target.
  8. FY2024-Q3WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 61.5%, compared with 82.5% for the cumulative third quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 82.5% in the same period of the previous year to 61.5%, falling below the target of 80%.
  9. FY2024-Q2WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 67.8%, compared with 92.0% for the cumulative second quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 92.0% in the same period of the previous year to 67.8%, falling below the target of 80%.
  10. FY2024-Q1WorsenedAnnual report

    「The expense coverage ratio, one of our key performance indicators, was 77.9%, compared with 97.2% for the cumulative first quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 97.2% in the same period of the previous year to 77.9%, falling below the target of 80%.
  11. FY2023Expense coverage ratio declined but remained above targetAnnual report

    「The expense coverage ratio for the fiscal year was 81.1%, compared with 97.6% in the previous fiscal year, exceeding the target of 80%. This was due to increased commissions from beneficiary certificates. We will continue to increase revenue from sources other than stock brokerage commissions and work to reduce unnecessary expenses.」

    The expense coverage ratio fell from 97.6% to 81.1%, but remained above the target of over 80%. We continue to target increased non-equity revenue and reductions in unnecessary expenses.
  12. FY2023-Q3Expense coverage ratio declined but remained above targetAnnual report

    「The expense coverage ratio, one of our key performance indicators, was 82.5%, compared with 100.7% for the cumulative third quarter of the previous fiscal year, achieving the target of over 80%.」

    The expense coverage ratio fell from 100.7% in the same period of the previous year to 82.5%, but remained above the target of over 80%.
  13. FY2023-Q2Expense coverage ratio declined but remained above targetAnnual report

    「The expense coverage ratio, one of our key performance indicators, was 92.0%, compared with 100.6% for the cumulative second quarter of the previous fiscal year, exceeding the target of 80%.」

    The expense coverage ratio fell from 100.6% in the same period of the previous year to 92.0%, but remained above the target of 80%.
  14. FY2023-Q1Expense coverage ratio declined but remained above targetAnnual report

    「The expense coverage ratio, one of our key performance indicators, was 97.2%, compared with 105.6% for the cumulative first quarter of the previous fiscal year, substantially exceeding the target of 80%.」

    The expense coverage ratio fell from 105.6% in the same period of the previous year to 97.2%, but remained above the target of 80%.
  15. FY2022RestatedAnnual report

    「The expense coverage ratio for the fiscal year was 97.6%, compared with 88.8% in the previous fiscal year, substantially exceeding the target of 80%. This was due to increased commissions from bonds and beneficiary certificates. We will continue to increase revenue from sources other than stock brokerage commissions and work to reduce unnecessary expenses.」

    The expense coverage ratio rose from 88.8% in the previous fiscal year to 97.6%, continuing to exceed the target of over 80%.
  16. FY2022-Q3RestatedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 100.7%, compared with 79.3% for the cumulative third quarter of the previous fiscal year, substantially exceeding the target of 80%.」

    The expense coverage ratio rose from 79.3% in the same period of the previous year to 100.7%, continuing to exceed the target of over 80%.
  17. FY2022-Q2RestatedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 100.6%, compared with 69.8% for the cumulative second quarter of the previous fiscal year, substantially exceeding the target of 80%.」

    The expense coverage ratio rose from 69.8% in the same period of the previous year to 100.6%, continuing to exceed the target of over 80%.
  18. FY2022-Q1AchievedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 105.6%, compared with 59.6% for the cumulative first quarter of the previous fiscal year, substantially exceeding the target of 80%.」

    The expense coverage ratio rose from 59.6% in the same period of the previous year to 105.6%, exceeding the target of 80% in the cumulative first quarter.
  19. FY2021AchievedAnnual report

    「The expense coverage ratio for the fiscal year was 88.8%, compared with 73.4% in the previous fiscal year, substantially exceeding the target of 80%. This was due to increased commissions from bonds and beneficiary certificates. We will continue to increase revenue from sources other than stock brokerage commissions and work to reduce unnecessary expenses.」

    The expense coverage ratio rose from 73.4% in the previous fiscal year to 88.8%, achieving the target of maintaining it steadily above 80% in the fiscal year.
  20. FY2021-Q3AdvancedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, reached 79.3%, compared with 69.9% for the cumulative third quarter of the previous fiscal year, approaching but falling short of the target of 80%.」

    The expense coverage ratio improved from 69.9% in the same period of the previous year to 79.3%, approaching the target of 80% but remaining below it.
  21. FY2021-Q2AdvancedAnnual report

    「Although commissions from the bond business increased, the expense coverage ratio, one of our key performance indicators, was 69.8%, compared with 64.6% for the cumulative second quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio improved from 64.6% in the same period of the previous year to 69.8%, but the target of 80% was not achieved.
  22. FY2021-Q1WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 59.6%, compared with 69.1% for the cumulative first quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 69.1% in the same period of the previous year to 59.6%, remaining below the target of 80%.
  23. FY2020AdvancedAnnual report

    「The expense coverage ratio for the fiscal year was 73.4%, compared with 67.5% in the previous fiscal year, falling short of the target of over 80%. Although the figure improved from the previous fiscal year due to increased bond commissions, the growth rate was restrained by year-on-year declines in commissions from beneficiary certificates and other products. We will continue to increase revenue from sources other than stock brokerage commissions and work to reduce unnecessary expenses.」

    The expense coverage ratio improved from 67.5% to 73.4%, but the target of maintaining it steadily above 80% was not achieved. We will continue to increase non-equity revenue and reduce unnecessary expenses.
  24. FY2020-Q3WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 69.9%, compared with 71.0% for the cumulative third quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 71.0% in the same period of the previous year to 69.9%, remaining below the target of 80%.
  25. FY2020-Q2WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 64.6%, compared with 72.0% for the cumulative second quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 72.0% in the same period of the previous year to 64.6%, remaining below the target of 80%.
  26. FY2020-Q1WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 69.1%, compared with 73.1% for the cumulative first quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 73.1% in the same period of the previous year to 69.1%, remaining below the target of 80%.
  27. FY2019WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 67.5%, compared with 74.3% in the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 74.3% in the previous fiscal year to 67.5%, remaining below the target of over 80%.
  28. FY2019-Q3WorsenedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 71.0%, compared with 78.6% for the cumulative third quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio fell from 78.6% in the same period of the previous year to 71.0%, remaining below the target of 80%.
  29. FY2019-Q2AdvancedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 72.0%, compared with 70.2% for the cumulative second quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio rose from 70.2% in the same period of the previous year to 72.0%, but remained below the target of 80%.
  30. FY2019-Q1AdvancedAnnual report

    「As a result, the expense coverage ratio, one of our key performance indicators, was 73.1%, compared with 67.4% for the cumulative first quarter of the previous fiscal year, falling short of the target of 80%.」

    The expense coverage ratio rose from 67.4% in the same period of the previous year to 73.1%, but remained below the target of 80%.
  31. FY2018AdvancedAnnual report

    「The expense coverage ratio, one of our key performance indicators, was 74.3% for the fiscal year, compared with 69.2% in the previous fiscal year. Although it rose from the previous fiscal year, it fell short of the target of over 80%, and we worked to build a business structure less affected by stock market conditions.」

    The expense coverage ratio rose from 69.2% to 74.3%, but the target of over 80% was not achieved.
  32. FY2017Specified an expense coverage ratio target of over 80%Annual report

    「We aim to build a business structure that is not affected by stock market conditions, using the expense coverage ratio as our indicator. The expense coverage ratio is calculated using the formula below, and we aim to maintain it steadily above 80%.」

    Against the existing goal of building a stable earnings base, we specified the expense coverage ratio as a metric and set a target of maintaining it steadily above 80%.
  33. FY2016First statedAnnual report

    「By focusing on these products, we intend to secure stable earnings.」

    Given our dependence on stock brokerage commissions, securing stable earnings is an issue.
Moved together

"Decline in Trading Volumes and Commission Revenue Due to Stock Market Downturn" moved the same way as this thread, in the same document, in 15 of its 35 moves.

1514121299★123456
  1. ★This thread
  2. 1Decline in Trading Volumes and Commission Revenue Due to Stock Market Downturn15×
  3. 2Increase in Customer Assets Under Custody14×
  4. 3Revenue Other Than Equity Brokerage Commissions and Expansion of Financial Products and Underwriting Operations12×
  5. 4Market Risk of Financial Assets Held on Own Account12×
  6. 5Acquiring 15,000 New Customers Over Five Years9×
  7. 6Impact on business performance from changes in individual investor investment behavior9×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
The Imamura Securities's next results are scheduled for 2026-10-27. Read the earnings preview It last moved in the Financial results of 2026-07-24: "Advanced".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
A stable earnings base less susceptible to stock market conditions | The Imamura Securities Co.,Ltd. (7175) | Komori