Improving the earnings structure to make it less susceptible to fluctuations in the equity market
First written in FY2016. 26 of 38 entries say "Advanced", first in FY2018-Q1. Latest entry: 2026-10-19.
9 other companies' latest entry also says "Advanced".
- FY2026RaisedAnnual report
「Target 5: <ONE TEAM> plan target — cost coverage ratio: 100%」
The target for the cost coverage ratio was raised from 70% under the medium-term management plan “3-D” to 100% under the new plan. The ratio was 84.3% in the current fiscal year, compared with 71.4% in the previous fiscal year. - FY2026-H1AdvancedAnnual report
「The cost coverage ratio, the most appropriate indicator for measuring progress in the transition to this stock-based business model, was 75.6%, compared with 72.5% in the same period of the previous year. The ratio is calculated by dividing so-called stable revenue, such as investment trust fees and wrap fees, by selling, general and administrative expenses. The share of stable revenue in total commission income was 64.3%, up 1.8 percentage points year on year.」
The cost coverage ratio, an indicator of the transition to a stock-based business model, rose from 72.5% in the same period of the previous year to 75.6%, while the share of stable revenue in total commission income also reached 64.3%. - FY2025AdvancedAnnual report
「The cost coverage ratio, the most appropriate indicator for measuring progress in the transition to this stock-based business model, was 71.4%, compared with 61.2% in the previous fiscal year. The share of stable revenue in total commission income was 64.1%, up 10.8 percentage points year on year. The ratio is calculated by dividing so-called stable revenue, such as investment trust fees and wrap fees, by selling, general and administrative expenses.」
The cost coverage ratio rose from 61.2% in the previous fiscal year to 71.4%, exceeding the 70% target under 3-D. The share of stable revenue in total commission income also rose to 64.1%. - FY2025-H1AdvancedAnnual report
「The cost coverage ratio, the most appropriate indicator for measuring progress in the transition to this stock-based business model, was 72.5%, compared with 57.9% in the same period of the previous year. The ratio is calculated by dividing so-called stable revenue, such as investment trust fees and wrap fees, by selling, general and administrative expenses.」
The cost coverage ratio, an indicator of the transition to a stock-based business model, rose from 57.9% in the same period of the previous year to 72.5%, exceeding the 70% target under 3-D. However, the disclosure does not state that the target was achieved because the plan period had ended. - FY2024AdvancedAnnual report
「The cost coverage ratio, calculated as so-called stable revenue, such as investment trust fees and wrap fees, divided by selling, general and administrative expenses, was 61.2%, up 7.7 percentage points from the previous fiscal year.」
The cost coverage ratio rose from 53.5% in the previous fiscal year to 61.2%, representing progress toward the 70% target as of March 2026. - FY2024-Q3AdvancedAnnual report
「The cost coverage ratio, which we regard as one of the key management indicators showing progress toward the stock-based business model we are pursuing, was 58.2%, up 4.4 percentage points year on year. The ratio is calculated by dividing so-called stable revenue, such as investment trust fees and wrap fees, by selling, general and administrative expenses.」
The cost coverage ratio, an indicator of the transition to a stock-based business model, rose to 58.2%, up 4.4 percentage points year on year. This indicates an expansion in stable revenue from investment trust fees, wrap fees and other sources. - FY2024-Q2AdvancedAnnual report
「The cost coverage ratio, which we regard as one of the key management indicators showing progress toward the stock-based business model we are pursuing, was 57.9%, up 4.4 percentage points year on year. The ratio is calculated by dividing so-called stable revenue, such as investment trust fees and wrap fees, by selling, general and administrative expenses.」
The cost coverage ratio, an indicator of the transition to a stock-based business model, was 57.9%, up 4.4 percentage points year on year. - FY2023RaisedAnnual report
「Under “3-D,” the Company aims to expand assets under custody to ¥3 trillion and double stock-based assets generated through fund wraps and investment trusts. The 3-D initiatives and numerical targets are as follows: assets under custody, ¥3 trillion; cost coverage ratio, 70%; ROE, approximately 10%.」
The target for the cost coverage ratio, a progress indicator for the stock-based business model, was raised from the previous target of 60% as of March 2023 to 70% as of March 2026. - FY2023-Q3AdvancedAnnual report
「The cost coverage ratio, which the Company regards as one of its key management indicators for showing the stabilization of its earnings structure and progress toward a stock-based business model, was 53.8%, up 0.9 percentage points year on year. The ratio represents so-called stable income, such as investment trust fees and wrap fees, to selling, general and administrative expenses.」
The cost coverage ratio, an indicator of progress toward a stock-based business model, was 53.8%, up 0.9 percentage points year on year. - FY2023-Q2AdvancedAnnual report
「The cost coverage ratio, which the Company regards as one of its key management indicators for showing the stabilization of its earnings structure and progress toward a stock-based business model, was 53.5%, up 0.9 percentage points year on year. The ratio represents so-called stable income, such as investment trust fees and wrap fees, to selling, general and administrative expenses.」
The cost coverage ratio was 53.5%, up 0.9 percentage points year on year. It continues to serve as an indicator of progress toward the target of 60% as of the end of March 2023. - FY2023-Q1Decline in the cost coverage ratio from the fiscal year-end levelAnnual report
「The cost coverage ratio, which the Company regards as one of its key management indicators for showing the stabilization of its earnings structure and progress toward a stock-based business model, was 51.8%, up 1.7 percentage points year on year. The ratio represents so-called stable income, such as investment trust fees and wrap fees, to selling, general and administrative expenses.」
The cost coverage ratio increased 1.7 percentage points year on year but declined from 52.8% at the end of FY2022 to 51.8%. It continues to serve as an indicator of progress toward a stock-based business model. - FY2022AdvancedAnnual report
「The ratio of investment trust fees and fund wrap fees and other income to selling, general and administrative expenses, or the cost coverage ratio, was 52.8%.」
The cost coverage ratio increased from 39.4% in the previous fiscal year to 52.8%, progressing toward the target of 60% as of the end of March 2023. Other fees received also increased 23.1% from the previous fiscal year. - FY2022-Q3AdvancedAnnual report
「Since 2019, the Company has been pursuing its “decisive reform,” undertaken for the first time in 20 years, to further promote customer-oriented business operations in the current environment. As a goal of this reform, the Company is working to shift to a stock-based business model centered on stable income from investment trust fees and wrap fees. Steady progress has been made in the cost coverage ratio, an indicator of progress in the business model transition, defined as stable income as a percentage of total selling, general and administrative expenses. Other fees received included ¥3.139 billion in trust fees related to the balance of the Company’s beneficiary certificates, up 17.4% year on year, and ¥1.367 billion in trust fees related to management by いちよしアセットマネジメント, up 44.6%. Including ¥2.028 billion in fees and other income related to the Company’s fund wrap, up 74.4%, total other fees received amounted to ¥6.927 billion, up 32.9%.」
As the Company advances its shift from a flow-based to a stock-based business model, other fees received, including trust fees and wrap fees, increased 32.9% year on year, demonstrating specific progress in expanding stable income. - FY2022-Q2AdvancedAnnual report
「In the current environment, the decisive reform undertaken by the Company over the past 20 years to further promote customer-oriented business operations is also producing steady results in the planned shift from a flow-based business model centered on trading commissions to a stock-based business model centered on investment trust fees and wrap fees. Other fees received included ¥2.064 billion in trust fees related to the balance of the Company’s beneficiary certificates, up 18.4% year on year, and ¥877 million in trust fees related to management by いちよしアセットマネジメント, up 45.0%. Including ¥1.399 billion in fees and other income related to the Company’s fund wrap, up 96.6%, total other fees received amounted to ¥4.602 billion, up 37.3%.」
The Company said that its shift from a flow-based to a stock-based business model was “producing steady results,” while other fees received, including trust fees and wrap fees, increased 37.3% year on year. - FY2022-Q1AdvancedAnnual report
「Other fees received included ¥1.008 billion in trust fees related to the balance of the Company’s beneficiary certificates, up 19.7% from the same period of the previous fiscal year, and ¥417 million in trust fees related to management by いちよしアセットマネジメント, up 42.7%. Including ¥711 million in fees and other income related to the Company’s fund wrap, up 114.2%, total other fees received amounted to ¥2.269 billion, up 42.1%.」
Fees received from sources other than equity trading, including trust fees, asset management fees and fund wrap income, increased 42.1% year on year, expanding non-equity revenue. - FY2021AdvancedAnnual report
「The ratio of investment trust fees and fund wrap fees and other income to selling, general and administrative expenses, or the cost coverage ratio, was 39.4%.」
The cost coverage ratio increased from 37.9% in the previous fiscal year to 39.4%. The medium-term management plan sets a target of 60% as of the end of March 2023. - FY2021-Q3Continued decline in non-equity revenueAnnual report
「Other fees received included ¥2.674 billion in trust fees related to the balance of the Company’s beneficiary certificates, down 8.5% from the same period of the previous fiscal year, and ¥945 million in trust fees related to management by いちよしアセットマネジメント, down 12.3%. Including ¥1.163 billion in fees and other income related to the Company’s fund wrap, up 3.9%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥5.210 billion, down 7.3%.」
Fund wrap fees and other income increased 3.9% year on year, while total other fees received declined 7.3%, and non-equity revenue continues to decline. - FY2021-Q2Continued decline in non-equity revenueAnnual report
「Other fees received included ¥1.743 billion in trust fees related to the balance of the Company’s beneficiary certificates, down 9.2% from the same period of the previous fiscal year, and ¥605 million in trust fees related to management by いちよしアセットマネジメント, down 16.5%. Including ¥711 million in fees and other income related to the Company’s fund wrap, down 2.0%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥3.352 billion, down 9.7%.」
Other fees received, including trust fees, asset management fees and fund wrap income, declined 9.7% year on year, and non-equity revenue continues to decline. - FY2021-Q1Continued decline in non-equity revenueAnnual report
「Other fees received included ¥843 million in trust fees related to the balance of the Company’s beneficiary certificates, down 11.7% from the same period of the previous fiscal year, and ¥292 million in trust fees related to management by いちよしアセットマネジメント, down 20.6%. Including ¥332 million in fees and other income related to the Company’s fund wrap, down 6.9%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥1.596 billion, down 13.6%.」
Fees received from sources other than equity trading, including trust fees, asset management fees and fund wrap income, declined 13.6% year on year. - FY2020Decline in the cost coverage ratio and changes in the revenue mixAnnual report
「The ratio of investment trust fees and fund wrap fees and other income to selling, general and administrative expenses, or the cost coverage ratio, was 37.9%.」
The cost coverage ratio declined from 38.9% in the previous fiscal year to 37.9%. Meanwhile, fund wrap fees and other income increased 21.1% from the previous fiscal year, while total other fees received, including trust fees and other income, declined 3.8%. - FY2020-Q3Changes in the composition of non-equity revenueAnnual report
「Other fees received included ¥2.922 billion in trust fees related to the balance of the Company’s beneficiary certificates, down 8.6% from the same period of the previous fiscal year, and ¥1.078 billion in trust fees related to management by いちよしアセットマネジメント, down 7.6%. Including ¥1.119 billion in fees and other income related to the Company’s fund wrap, up 23.1%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥5.618 billion, down 4.7%.」
Fund wrap fees and other income increased 23.1% year on year, while total other fees received, including trust fees and other income, declined 4.7%, and the composition of non-equity revenue continues to change. - FY2020-Q2Changes in the composition of non-equity revenueAnnual report
「Other fees received included ¥1.920 billion in trust fees related to the balance of the Company’s beneficiary certificates, down 12.2% from the same period of the previous fiscal year, and ¥725 million in trust fees related to management by いちよしアセットマネジメント, down 6.8%. Including ¥726 million in fees and other income related to the Company’s fund wrap, up 24.1%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥3.710 billion, down 6.8%.」
Among non-equity revenue, fund wrap fees and other income increased 24.1% year on year, while total other fees received declined 6.8%, indicating a change in the revenue mix. - FY2020-Q1Changes in the composition of non-equity revenueAnnual report
「Other fees received included ¥954 million in trust fees related to the balance of the Company’s beneficiary certificates, down 13.5% from the same period of the previous fiscal year, and ¥368 million in trust fees related to management by いちよしアセットマネジメント, down 1.2%. Including ¥356 million in fees and other income related to the Company’s fund wrap, up 25.4%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥1.847 billion, down 6.9%.」
Among revenue from sources other than equity trading, fund wrap fees and other income increased 25.4% year on year, while total other fees received declined 6.9%. - FY2019AdvancedAnnual report
「The ratio of investment trust fees and fund wrap fees and other income to selling, general and administrative expenses, or the cost coverage ratio, was 38.9%, up 1.7 percentage points from the previous fiscal year, strengthening the stability of the earnings base.」
Revenue from sources other than equity trading, including investment trusts and fund wraps, covered 38.9% of costs, up 1.7 percentage points from the previous fiscal year. - FY2019-Q3AdvancedAnnual report
「Other fees received included ¥3.198 billion in trust fees related to the balance of the Company’s beneficiary certificates, down 1.9% from the same period of the previous fiscal year, and ¥1.167 billion in trust fees related to management by いちよしアセットマネジメント, up 30.4%. Including ¥909 million in fees and other income related to the Company’s fund wrap, up 25.0%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥5.896 billion, up 11.1%.」
Asset management fees increased 30.4% year on year, fund wrap income and other related revenue increased 25.0%, and total fees received from sources other than equity trading increased 11.1%. - FY2019-Q2AdvancedAnnual report
「Other fees received included ¥2.188 billion in trust fees related to the balance of the Company’s beneficiary certificates, up 3.1% from the same period of the previous fiscal year, and ¥777 million in trust fees related to management by いちよしアセットマネジメント, up 48.2%. Including ¥585 million in fees and other income related to the Company’s fund wrap, up 29.8%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥3.981 billion, up 18.9%.」
Fees received from sources other than equity trading, including trust fees, asset management fees and fund wrap income, increased, and total fees rose 18.9% year on year. - FY2019-Q1AdvancedAnnual report
「Other fees received included ¥1.103 billion in trust fees related to the balance of the Company’s beneficiary certificates, down 6.0% from the same period of the previous fiscal year, and ¥372 million in trust fees related to management by いちよしアセットマネジメント, down 61.3%. Including ¥284 million in fees and other income related to the Company’s fund wrap, up 55.4%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥1.984 billion, down 27.3%.」
Revenue from sources other than equity trading, including trust fees, asset management fees and fund wrap income, increased, and total other fees received rose 27.3% year on year. - FY2018-Q3AdvancedAnnual report
「Other fees received included ¥3.258 billion in trust fees related to the balance of the Company’s beneficiary certificates, up 3.6% from the same period of the previous fiscal year, and ¥895 million in trust fees related to management by いちよしアセットマネジメント, up 153.5%. Including ¥728 million in fees and other income related to the Company’s fund wrap, up 140.0%, as well as unbundling fees, insurance handling fees and fees related to support for public offerings, total other fees received amounted to ¥5.307 billion, up 25.7%.」
Revenue from sources other than equity trading, including trust fees, asset management fees and fund wrap income, increased, and total other fees received rose 25.7% year on year. - FY2018-Q2AdvancedAnnual report
「Fees related to investment trusts amounted to ¥3.384 billion, up 18.9% from the same period of the previous fiscal year, while total fees for handling offerings, secondary distributions and solicitations for sales to specified investors amounted to ¥3.423 billion, up 19.0%. Other fees received included ¥2.121 billion in trust fees related to the balance of the Company’s beneficiary certificates, up 0.2% from the same period of the previous fiscal year, ¥524 million in trust fees related to management by いちよしアセットマネジメント, up 157.2%, and ¥450 million in fees and other income related to the Company’s fund wrap, up 149.1%.」
Fees related to investment trusts, management by いちよしアセットマネジメント and fund wraps increased, showing specific progress in expanding revenue from sources other than the equity market. - FY2018-Q1AdvancedAnnual report
「With respect to investment trusts, the Ichiyoshi Fund Wrap service, Dream Collection (nickname: Dorikore), has steadily increased the number of contracts as a medium- to long-term investment product for customers’ conservative assets, and assets under management exceeded ¥63 billion at the end of the first quarter of the fiscal year. Fees related to investment trusts amounted to ¥1.6 billion, up 21.8% year on year,」
The Company disclosed growth in investment trust and wrap-related assets and a 21.8% year-on-year increase in investment trust fees, providing specific figures for the expansion of revenue from sources other than the equity market. - FY2017RestatedAnnual report
「“Stable earnings from expanding investment trust and wrap assets” and “covering costs with revenue from sources other than equities”」
The Company has reaffirmed as a basic strategy of its new medium-term management plan initiatives aimed at creating an earnings structure less susceptible to equity market fluctuations by expanding investment trust and wrap assets and increasing revenue from sources other than equities. - FY2016First statedAnnual report
「Continuing to improve the earnings structure and promote an earnings structure that is not affected by fluctuations in the equity market」
Listed as one of the growth strategies in the medium-term plan.