Earnings Structure Dependent on Securities Markets
First written in FY2016. 17 of 40 entries say "Materialised", first in FY2018-Q1. Latest entry: 2026-10-15.
Kyokuto Securities moved to the "Worse" side of this theme in 2017, 1 year after the typical company in this theme (2016).
The whole theme swung hardest in 2022: 7 of 9 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- 2026-07-29RestatedEarnings
「Our consolidated operating revenue is centered on commissions received in connection with the securities markets and trading income, with the majority sourced from the equity and bond markets.」
Identifies the securities-market-dependent revenue structure, centered on commissions received and trading income, as the reason for not disclosing earnings forecasts. - FY2026Profit metrics improved as market-related revenue increasedAnnual report
「As a result, operating revenue for the current fiscal year was ¥8,317 million, up 4.1% from the previous fiscal year, net operating revenue was ¥8,193 million, up 3.6%, operating income was ¥3,039 million, up 12.9%, ordinary income was ¥4,006 million, up 16.0%, and net income attributable to owners of the parent was ¥4,790 million, up 7.7%.」
While the securities-market-dependent structure centered on commissions received and trading gains and losses was maintained, operating revenue, operating income, ordinary income and net income for the current fiscal year exceeded the levels of the previous fiscal year. - 2026-04-24RestatedEarnings
「Our consolidated operating revenue is centered on commissions received in connection with the securities markets and trading income, with the majority sourced from the equity and bond markets.」
Reconfirms its securities-market-dependent revenue structure, centered on commissions received and trading income. - FY2026-H1Profit indicators diverged amid increased market-related revenueAnnual report
「As a result, operating revenue for the current fiscal year was ¥4,317 million, up 0.5% from the same interim period of the previous year, net operating revenue was ¥4,256 million, down 0.1%, operating income was ¥1,730 million, up 4.2%, ordinary income was ¥2,111 million, up 14.1%, and interim net income attributable to owners of the parent was ¥2,451 million, down 6.6%.」
The securities-market-dependent revenue structure itself, centered on commissions received and trading gains and losses, has not changed. Operating revenue, operating income and ordinary income exceeded the levels of the same interim period of the previous year, while net operating revenue and interim net income fell below those levels. - FY2025Profit indicators diverged amid increased market-related revenueAnnual report
「As a result, operating revenue for the current fiscal year was ¥7,989 million, or 103.3% of the previous fiscal year, net operating revenue was ¥7,908 million, or 103.0%, operating income was ¥2,691 million, or 91.2%, ordinary income was ¥3,453 million, or 93.2%, and net income attributable to owners of the parent was ¥4,446 million, or 102.4%.」
The structure centered on revenue related to the securities markets was maintained. Operating revenue and net income attributable to owners of the parent increased, while operating income and ordinary income fell below the levels of the previous fiscal year. - FY2025-H1Performance improvement amid increased market-related revenueAnnual report
「As a result, operating revenue for the current fiscal year was ¥4,297 million, or 107.1% of the same interim period of the previous year, net operating revenue was ¥4,262 million, or 107.0%, operating income was ¥1,660 million, or 107.2%, ordinary income was ¥1,850 million, or 89.4%, and interim net income attributable to owners of the parent was ¥2,624 million, or 110.0%.」
The securities-market-dependent revenue structure itself, centered on commissions received and trading gains and losses, has not changed. Operating revenue, net operating revenue, operating income and interim net income exceeded the levels of the same interim period of the previous year, while ordinary income fell below that level. - FY2024-Q3Performance improvement continues amid favorable market conditionsAnnual report
「As a result, operating revenue for the current fiscal year was ¥5,372 million, or 166.1% of the same period of the previous year, net operating revenue was ¥5,333 million, or 166.9%, operating income was ¥1,723 million, compared with an operating loss of ¥349 million in the same period of the previous year, ordinary income was ¥2,321 million, compared with ¥134 million, and net income attributable to owners of the parent was ¥2,727 million, or 824.9%.」
Although the securities-market-dependent revenue structure itself, centered on commissions received and trading gains and losses, has not changed, operating income shifted from a loss in the same period of the previous year to income in the current fiscal year, while ordinary income and quarterly net income also improved substantially. - FY2024-Q2Performance improvement continues amid favorable market conditionsAnnual report
「As a result, operating revenue for the current fiscal year was ¥4,012 million, or 181.5% of the same period of the previous year, net operating revenue was ¥3,983 million, or 182.5%, operating income was ¥1,548 million, compared with an operating loss of ¥207 million in the same period of the previous year, ordinary income was ¥2,070 million, compared with ¥45 million, and net income attributable to owners of the parent was ¥2,385 million, compared with ¥151 million.」
Although the structure itself centered on revenue related to the securities markets has not changed, operating income shifted from a loss in the same period of the previous year to income in the current fiscal year, while ordinary income and quarterly net income also improved substantially. - FY2024-Q1Performance improvement amid favorable market conditionsAnnual report
「As a result, operating revenue for the current fiscal year was ¥1,831 million, or 152.4% of the same period of the previous year, net operating revenue was ¥1,817 million, or 152.8%, operating income was ¥626 million, compared with an operating loss of ¥37 million in the same period of the previous year, ordinary income was ¥976 million, or 775.9%, and net income attributable to owners of the parent was ¥1,096 million, or 445.2%.」
Although the structure itself centered on revenue related to the securities markets has not changed, operating income shifted from a loss in the same period of the previous year to income in the quarter, when the equity market was on an upward trend, and all profit indicators improved substantially. - FY2023MaterialisedAnnual report
「As a result, operating revenue for the current fiscal year was ¥4,315 million, or 66.5% of the previous fiscal year, net operating revenue was ¥4,259 million, or 66.1%, operating loss was ¥312 million, compared with operating income of ¥1,300 million in the previous fiscal year, ordinary income was ¥491 million, or 26.1%, and net income attributable to owners of the parent was ¥1,168 million, or 55.2%.」
Under a market-dependent revenue structure centered on commissions received and trading gains and losses, operating income and loss shifted from income in the previous fiscal year to a loss, while ordinary income also fell substantially. - FY2023-Q3MaterialisedAnnual report
「As a result, operating revenue for the current fiscal year was ¥3,234 million, or 62.3% of the same period of the previous year, net operating revenue was ¥3,194 million, or 62.0%, operating loss was ¥349 million, compared with operating income of ¥1,392 million in the same period of the previous year, ordinary income was ¥134 million, or 7.3%, and net income attributable to owners of the parent was ¥330 million, or 19.4%.」
Under a structure centered on revenue related to the securities markets, operating revenue and net operating revenue fell substantially, and the company swung to an operating loss, with market dependence producing performance volatility in the results for the quarter. - FY2023-Q2MaterialisedAnnual report
「As a result, operating revenue for the current fiscal year was ¥2,210 million, or 62.7% of the same period of the previous year, net operating revenue was ¥2,183 million, or 62.4%, operating loss was ¥207 million, compared with operating income of ¥1,014 million in the same period of the previous year, ordinary income was ¥45 million, or 3.4%, and net income attributable to owners of the parent was ¥151 million, or 12.2%.」
Under a structure centered on revenue related to the securities markets, operating revenue, net operating revenue and ordinary income, among other items, fell substantially from the same period of the previous year, and the company has swung to an operating loss. - FY2023-Q1MaterialisedAnnual report
「As a result, operating revenue for the current fiscal year was ¥1,201 million, or 65.9% of the same period of the previous year, net operating revenue was ¥1,189 million, or 65.7%, operating loss was ¥37 million, compared with operating income of ¥547 million in the same period of the previous year, ordinary income was ¥125 million, or 17.5%, and net income attributable to owners of the parent was ¥246 million, or 47.4%.」
Under a securities-market-dependent revenue structure centered on commissions received and trading gains and losses, operating revenue, net operating revenue and ordinary income, among other items, fell substantially from the same period of the previous year, and the company swung to an operating loss. - FY2022MaterialisedAnnual report
「As a result, operating revenue for the current fiscal year was ¥6,492 million, or 72.5% of the previous fiscal year, net operating revenue was ¥6,441 million, or 72.5%, operating income was ¥1,300 million, or 33.2%, and ordinary income was ¥1,880 million, or 42.8%.」
Under a structure centered on revenue related to the securities markets, operating revenue and ordinary income fell substantially from the previous fiscal year, with market dependence producing performance volatility in the full-year results. - FY2022-Q3MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
As the revenue structure sourced from the securities markets continues, operating revenue for the nine months ended in the third quarter was ¥5,188 million, or 77.1% of the same period of the previous year, and ordinary income was ¥1,858 million, or 54.5%, with market dependence producing performance volatility in the results. - FY2022-Q2MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
As the securities-market-dependent revenue structure continues, operating revenue for the six months ended in the second quarter was ¥3,522 million, or 79.4% of the same period of the previous year, and ordinary income was ¥1,334 million, or 60.3%, with performance volatility resulting from dependence on market-related revenue reflected in the figures. - FY2022-Q1RestatedAnnual report
「Our consolidated operating revenue is centered on commissions received in connection with the securities markets and trading income, with the majority sourced from the equity and bond markets.」
The company continues to show a revenue structure centered on commissions received and trading gains and losses and dependent on the equity and bond markets. Operating revenue for the first quarter was 88.2% of the same period of the previous year, but no change to the revenue structure itself has been disclosed. - FY2021RestatedAnnual report
「Our consolidated operating revenue is centered on commissions received in connection with the securities markets and trading income, with the majority sourced from the equity and bond markets.」
The company continues to show a revenue structure centered on commissions received and trading gains and losses and dependent on the equity and bond markets. - FY2021-Q3RestatedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming a structure centered on commissions received and trading gains and losses, with most of its revenue dependent on the equity and bond markets, as well as the potential for performance volatility. For the nine months ended in the third quarter, operating revenue was ¥6,732 million and ordinary income was ¥3,406 million, but no change to the revenue structure itself has been disclosed. - FY2021-Q2RestatedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming a structure centered on commissions received and trading gains and losses, with most of its revenue dependent on the equity and bond markets. For the six months ended in the second quarter, operating revenue was ¥4,439 million and ordinary income was ¥2,214 million, but no change to the revenue structure itself has been disclosed. - FY2021-Q1RestatedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company continues to explicitly state its revenue structure sourced from the securities markets and the potential for performance volatility. Operating revenue for the first quarter was ¥2,066 million and ordinary income was ¥941 million, exceeding the levels of the same period of the previous year, but no change to the revenue structure itself has been disclosed. - FY2020MaterialisedAnnual report
「In the current fiscal year, commissions received declined due to lower trading volume in the equity market and sluggish investment trust sales. In addition, the company's bond trading revenue fell sharply toward the end of the fiscal year because it incurred substantial losses on bonds held for its own account as a result of turmoil in emerging-market bond markets associated with the global spread of COVID-19, among other factors.」
Dependence on a revenue structure centered on the securities markets meant that sluggish market trading and turmoil in the bond market directly led to declines in commissions received and trading revenue, resulting in an operating loss of ¥1,191 million and an ordinary loss of ¥746 million. - FY2020-Q3RestatedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming a structure centered on commissions received and trading gains and losses, with most of its revenue dependent on the equity and bond markets. For the nine months ended in the third quarter, operating revenue was ¥4,573 million and ordinary income was ¥1,239 million, improving from the same period of the previous year, but no change to the dependence structure has been disclosed. - FY2020-Q2MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming a revenue structure sourced from the securities markets and the potential for performance volatility. For the six months ended in the second quarter, operating revenue was ¥2,561 million, or 77.2% of the same period of the previous year, and ordinary income was ¥340 million, or 38.6%, with performance volatility resulting from dependence on market-related revenue reflected in the figures. - FY2020-Q1RestatedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming a structure centered on commissions received and trading gains and losses, with most of its revenue dependent on the equity and bond markets, as well as the potential for performance volatility. Operating revenue and ordinary income for the quarter exceeded the levels of the same period of the previous year, but no change to the dependence structure has been disclosed. - FY2019MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
As the securities-market-dependent revenue structure continues, operating revenue was 78.2% of the previous fiscal year and ordinary income was 47.2%, with market dependence producing performance volatility in the full-year results. - FY2019-Q3MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming its securities-market-dependent revenue structure. For the nine months ended in the third quarter, operating revenue was ¥4,048 million, or 71.6% of the same period of the previous year, and ordinary income was ¥458 million, or 20.3%, with performance volatility resulting from dependence on market-related revenue materializing in the results. - FY2019-Q2MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming its securities-market-dependent revenue structure and the potential for performance volatility. For the six months ended in the second quarter, operating revenue was 98.2% of the same period of the previous year and ordinary income was 74.2%, with performance volatility reflected in the figures. - FY2019-Q1RestatedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
The company is reaffirming its securities-market-dependent revenue structure and the potential for performance volatility. Operating revenue for the quarter was ¥1,522 million and ordinary income was ¥264 million, recovering from an ordinary loss in the same period of the previous year, but no change to the dependence structure has been disclosed. - FY2018MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
As the securities-market-dependent revenue structure continues, operating revenue was ¥8,289 million and ordinary income was ¥3,567 million, declining to 80.2% and 75.3%, respectively, from the previous fiscal year. Market dependence has continued to produce performance volatility in the current fiscal year. - FY2018-Q3MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
As the securities-market-dependent revenue structure continues, operating revenue for the nine months ended in the third quarter was ¥5,653 million, or 70.0% of the same period of the previous year, and ordinary income was ¥2,263 million, or 61.9%, with performance volatility resulting from dependence on market-related revenue materializing in the results. - FY2018-Q2MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains susceptible to securities market trends and may fluctuate significantly.」
As the securities-market-dependent revenue structure continues, operating revenue fell from ¥5,767 million in the same period of the previous year to ¥3,381 million, while ordinary income declined from ¥2,751 million to ¥1,188 million, with performance volatility resulting from dependence on market-related revenue continuing to materialize. - FY2018-Q1MaterialisedAnnual report
「The company's consolidated operating revenue is centered on commissions received in connection with the securities markets and trading gains and losses, most of which are generated by the equity and bond markets. Although the company is working to ensure revenue stability by diversifying its revenue sources in order to mitigate the impact of favorable and unfavorable conditions in the equity and bond markets on its performance, its performance remains highly susceptible to securities market trends and may fluctuate significantly.」
As the company reaffirms its securities-market-dependent revenue structure, operating revenue for the quarter was ¥848 million and ordinary loss was ¥114 million, compared with ordinary income of ¥1,257 million in the same period of the previous year, resulting in a shift to a loss. Performance volatility resulting from dependence on market-related revenue has materialized in the results. - FY2017RestatedAnnual report
「Our consolidated operating revenue is centered on commissions received in connection with the securities markets and trading income, with the majority sourced from the equity and bond markets.」
The company is reaffirming a structure centered on commissions received and trading gains and losses, with most of its revenue dependent on the equity and bond markets. - FY2017-Q3RestatedAnnual report
「Our consolidated operating revenue is centred on fees received in connection with the securities markets and trading income, with most of it derived from the equity and bond markets. Revenue related to the equity market accounted for 11.9% of consolidated net operating revenue in the 73rd fiscal year and 11.4% in the 72nd fiscal year. Revenue related to the bond market, primarily trading income, accounted for a substantial proportion, at 40.3% in the 73rd fiscal year and 48.4% in the 72nd fiscal year.」
Revenue related to the equity and bond markets accounted for a substantial proportion of net operating revenue, indicating a revenue structure in which performance may fluctuate substantially depending on market conditions. The same figures are reiterated. - FY2017-Q2RestatedAnnual report
「Our consolidated operating revenue is centred on fees received in connection with the securities markets and trading income, with most of it derived from the equity and bond markets. Revenue related to the equity market accounted for 11.9% of consolidated net operating revenue in the 73rd fiscal year and 11.4% in the 72nd fiscal year. Revenue related to the bond market, primarily trading income, accounted for a substantial proportion, at 40.3% in the 73rd fiscal year and 48.4% in the 72nd fiscal year.」
Revenue related to the equity and bond markets accounted for a substantial proportion of net operating revenue, indicating a revenue structure in which performance may fluctuate substantially depending on market conditions. The same figures are reiterated. - FY2017-Q1RestatedAnnual report
「Revenue related to the equity market accounted for 11.9% of consolidated net operating revenue in the 73rd fiscal year and 11.4% in the 72nd fiscal year. Revenue related to the bond market, primarily trading income, accounted for a substantial proportion, at 40.3% in the 73rd fiscal year and 48.4% in the 72nd fiscal year.」
Revenue related to the equity and bond markets accounted for a substantial proportion of net operating revenue, indicating a structure in which performance is susceptible to market conditions. The same figures as in the previous year's annual securities report are reiterated. - FY2016First statedAnnual report
「Revenue related to the equity market accounted for 11.9% of consolidated net operating revenue in the 73rd fiscal year and 11.4% in the 72nd fiscal year. Revenue related to the bond market, primarily trading income, accounted for a substantial proportion, at 40.3% in the 73rd fiscal year and 48.4% in the 72nd fiscal year.」
The company shows the proportion of market-related revenue and explains that performance may fluctuate substantially depending on market conditions. Revenue and profit declined in the current period, mainly due to a decline in bond trading income.