Risk of weakness and contraction in equity and bond markets
First written in FY2016. 5 of 15 entries say "Materialised", first in FY2020. Latest entry: FY2026.
Kyokuto Securities moved to the "Worse" side of this theme in 2022, 4 years after the typical company in this theme (2018).
The whole theme swung hardest in 2022: 12 of 20 companies on the "Worse" side.
4 other companies' latest entry also says "Other".
- FY2026Increase in commissions from higher investment trust salesAnnual report
「Fees for handling public offerings, secondary distributions, solicitations of sales to specified investors and similar transactions amounted to ¥1,412 million, up 15.9% year on year, an increase of ¥193 million, due to increased sales of beneficiary certificates (investment trusts).」
Despite the risk of declining fees when the market contracts, handling fees increased to ¥1,412 million this fiscal year due to higher investment trust sales. - FY2026-H1Continued increase in fees driven by higher investment trust salesAnnual report
「Fees for handling public offerings, secondary distributions, solicitations of sales to specified investors and similar transactions amounted to ¥636 million, up 0.6% year on year, due to increased sales of beneficiary certificates (investment trusts).」
Handling fees rose 0.6% from the same interim period of the previous year due to increased investment trust sales, continuing the recovery trend from the decline in fees during the market downturn. - FY2025Recovery in commissions from increased investment trust salesAnnual report
「Fees for handling offerings, secondary distributions and sales solicitations to specified investors were ¥1,218 million, or 139.5% of the same period of the previous year, an increase of ¥345 million, due to higher investment trust sales.」
Due to the increase in investment trust sales, handling fees reached 139.5% of the same period of the previous year, continuing the recovery from the decline in commissions during the market downturn. - FY2025-H1Continued recovery in commissions from increased investment trust transactionsAnnual report
「Fees for handling offerings, secondary distributions and sales solicitations to specified investors were ¥632 million, or 161.6% of the same interim period of the previous year, due to an increase in the handling of beneficiary certificates (investment trusts).」
Due to the increase in investment trust transactions, handling fees reached 161.6% of the same interim period of the previous year, continuing the recovery from the decline in commissions associated with market stagnation and contraction. - FY2024-Q3Recovery in commissions from increased investment trust transactionsAnnual report
「Fees for handling offerings, secondary distributions and sales solicitations to specified investors were ¥630 million, or 169.0% of the same period of the previous year, due to an increase in the handling of beneficiary certificates (investment trusts).」
Unlike the previous fiscal year, when the risk of market stagnation and contraction became pronounced, handling fees reached 169.0% of the same period of the previous year due to an increase in investment trust transactions. - FY2023MaterialisedAnnual report
「As a result, commissions received were ¥1,834 million, or 91.9% of the previous fiscal year, a decrease of ¥161 million.」
Lower trading value in the equity market and sluggish investment trust sales reduced commissions received by ¥161 million from the previous fiscal year, with the risk of market contraction and stagnation materializing in the results. - FY2023-Q3MaterialisedAnnual report
「Fees for handling offerings, secondary distributions and sales solicitations to specified investors were ¥373 million, or 77.1% of the same period of the previous year, due to a decline in the handling of beneficiary certificates (investment trusts).」
Due to the decline in investment trust transactions, handling fees fell to 77.1% of the same period of the previous year, with the revenue decline resulting from market stagnation and contraction materializing in the results. - FY2023-Q2MaterialisedAnnual report
「Fees for handling offerings, secondary distributions and sales solicitations to specified investors were ¥257 million, or 84.6% of the same period of the previous year, due to a decline in the handling of beneficiary certificates (investment trusts).」
Due to the decline in investment trust transactions, handling fees fell to 84.6% of the same period of the previous year, with the revenue decline resulting from market stagnation and contraction materializing in the results. - FY2022MaterialisedAnnual report
「Due to lower trading volume in the equity market, the amount was ¥1,070 million, or 98.1% of the same period of the previous year, a decrease of ¥20 million. Brokerage commissions, including commissions on beneficiary certificates (exchange-traded funds), were ¥1,106 million, or 97.4%, a decrease of ¥30 million.」
Lower trading volume in the equity market materialized as declines in stock brokerage commissions and brokerage commissions. - FY2021RestatedAnnual report
「If the equity or bond markets stagnate or contract as a result of worsening economic conditions, investors' appetite for investment may decline and lower trading orders may reduce various types of commission revenue, including brokerage commissions.」
The company reaffirms the risk of declines in orders and commission revenue due to market stagnation and contraction. - FY2020MaterialisedAnnual report
「Commissions received declined due to lower trading volume in the equity market and sluggish investment trust sales, while substantial losses were incurred on bonds held for the company's own account as a result of turmoil in emerging-market bond markets associated with the global spread of COVID-19, among other factors.」
Commissions received fell by ¥480 million from the previous fiscal year due to lower trading volume in the equity market and sluggish investment trust sales. The risk of market stagnation and contraction materialized as a decline in revenue during the fiscal year. - FY2019RestatedAnnual report
「If the equity and bond markets stagnate or contract as a result of worsening economic and financial conditions, investors' investment activity may decline and customer orders may decrease, potentially reducing the company's commission revenue. The primary market would also be affected, potentially reducing transactions involving underwriting and offerings.」
The company reaffirms the risk that stagnation or contraction in the equity and bond markets could lead to declines in customer orders, commission revenue, and underwriting and offering transactions. - FY2018RestatedAnnual report
「If the equity and bond markets stagnate or contract as a result of worsening economic and financial conditions, investors' investment activity may decline and customer orders may decrease, potentially reducing the company's commission revenue. The primary market would also be affected, potentially reducing transactions involving underwriting and offerings.」
The company reiterates the risk that stagnation or contraction in the equity and bond markets could lead to declines in customer orders, commission revenue, and underwriting and offering transactions. - FY2017RestatedAnnual report
「If the equity and bond markets stagnate or contract as a result of worsening economic and financial conditions, investors' investment activity may decline and customer orders may decrease, potentially reducing the company's commission revenue. The primary market would also be affected, potentially reducing transactions involving underwriting and offerings.」
The company reiterates the risk that stagnation or contraction in the equity and bond markets could lead to declines in customer orders, commission revenue, and underwriting and offering transactions. - FY2016First statedAnnual report
「If the equity and bond markets stagnate or contract as a result of worsening economic and financial conditions, investors' investment activity may decline and orders may decrease, potentially reducing the company's brokerage commissions.」
The company identifies the risk that market contraction could affect brokerage commissions, underwriting and offering transactions, and real estate securitization transactions.