Risks Related to Investee Performance, Investment Recovery and Market Fluctuations
First written in FY2016. 14 of 32 entries say "Mitigated", first in FY2018-Q1. Latest entry: 2026-10-19.
The whole theme swung hardest in 2024: 9 of 12 companies on the "Worse" side.
1 other company's latest entry also says "Other".
- 2026-10-19Otherfinance.yahoo.co.jp
「投資運用事業を除く各事業収益が概ね前回予想を下回る見込みだが、投資運用事業収益が前回予想を大幅に上回る見込みとなったことから、上方修正となった。」
投資運用事業収益の見込みが上方修正の主因として報じられ、投資運用の業績寄与が強まる見通しが示された。 - FY2026Growth in investment management income and gains on sales coexist with impairment losses in some areasAnnual report
「In the investment management business, revenue and earnings increased, with net sales of ¥629 million, up 79.7% year on year, and segment profit (operating profit) of ¥522 million, up 107.8%. This reflected an increase in dividend income accompanying the steady growth in assets under management, as well as gains on the sale of certain equity holdings in consideration of market conditions. An impairment loss of ¥2 million was recognized on investment securities held for operating purposes (equities).」
The investment management business recorded substantial increases in revenue and earnings, while an impairment loss of ¥2 million was recognized on investment securities held for operating purposes, leaving the business exposed to investment and market volatility risks. - FY2026Growth in investment management income and gains on sales coexist with impairment losses in some areasAnnual report
「The Group has consistently pursued diversified and long-term investments, and believes it was able to secure earnings, mainly because of increases in assets under management and dividend income from equities, as well as gains on the sale of certain holdings in consideration of market conditions. An impairment loss of ¥2 million was recognized on investment securities held for operating purposes (equities).」
The investment management business recorded higher revenue and earnings due to increases in assets under management and dividend income, as well as gains on the sale of certain equities, while an impairment loss of ¥2 million was recognized on investment securities held for operating purposes, reflecting the impact of market volatility risk. - 2026-06-05WorsenedFinancial results presentation
「During the previous fiscal year, particularly before the conflict in the Middle East, we considered the stock market to be generally overvalued and took measures with long-term earnings in mind, including building up cash to prepare for the risk of a short- to medium-term reaction and major correction and for investment opportunities.」
The company explicitly recognized stock-market overvaluation and the risk of a short- to medium-term reaction and major correction. Building up cash in preparation for a market correction was also cited as a response. - FY2025Stable income secured while the market softened toward the fiscal year-endAnnual report
「During the consolidated fiscal year, global equity markets generally performed firmly in the large-cap markets of Europe and the United States, supported by easing inflation, a slower pace of rate hikes and rate cuts, among other factors. However, markets turned weak toward the end of the fiscal year amid concerns about an economic downturn resulting from tariff policies under the Trump administration in the United States. The Group has consistently pursued diversified and long-term investments, and believes it was able to secure generally stable income, mainly because of increases in assets under management and dividend income from equities.」
It explains that, while markets weakened toward the fiscal year-end amid concerns about an economic downturn caused by tariff policies, stable income was secured through diversified and long-term investments and increases in assets under management and dividend income. - FY2024MaterialisedAnnual report
「The company recorded impairment losses of ¥6 million on shares held for operating investment and ¥33 million on shares held as investment securities.」
The risk related to investees and market fluctuations actually materialized as impairment losses of ¥6 million on shares held for operating investment and ¥33 million on investment securities. Meanwhile, the investment management business recorded higher revenue and profit through dividend income and sales of securities. - FY2024-Q3MitigatedAnnual report
「In the investment management business, higher dividend income and gains on sales of securities due mainly to a steady increase in the amount under investment management resulted in higher revenue and profit, with revenue of ¥317 million, up 39.4% year on year, and segment profit (operating profit) of ¥240 million, up 40.5% year on year.」
A steady increase in the amount under investment management, together with higher dividend income and gains on sales of securities, resulted in higher revenue and profit in the investment management business. The performance headwinds from investees and market fluctuations described in the previous fiscal year did not appear in the business explanation for this period. - FY2024-Q1MitigatedAnnual report
「In the investment management business, higher dividend income due to a steady increase in investment management resulted in higher revenue and profit, with revenue of ¥113 million, up 19.0% year on year, and segment profit (operating profit) of ¥89 million, up 14.1% year on year.」
Higher investment management and dividend income resulted in higher revenue and profit in the investment management business. The performance headwinds from impairment risk related to investees and market fluctuations, which had actually emerged at the end of the previous fiscal year, did not appear in the business explanation for this quarter. - FY2023MaterialisedAnnual report
「The company recorded an impairment loss of ¥18 million on shares held for operating investment.」
The risk related to investees and market fluctuations actually materialized as an impairment loss of ¥18 million on shares held for operating investment. Meanwhile, the investment management business recorded higher revenue and profit, mainly due to higher dividend income. - FY2023-Q3MitigatedAnnual report
「In the investment management business, higher dividend income due to a steady increase in the amount under investment management and the yen's depreciation during the six-month period ended in the second quarter resulted in revenue of ¥228 million, up 65.8% year on year, and segment profit (operating profit) of ¥171 million, up 58.2% year on year.」
Higher dividend income due to an increase in the amount under investment management and the yen's depreciation led to substantial increases in revenue and profit in the investment management business. The previous performance headwinds from market fluctuations did not appear in the explanation for this period. - FY2023-Q2MitigatedAnnual report
「In the investment management business, higher dividend income due to a steady increase in the amount under investment management and the yen's depreciation resulted in revenue of ¥169 million, up 87.3% year on year, and segment profit (operating profit) of ¥136 million, up 91.1% year on year.」
Higher dividend income due to an increase in the amount under investment management and the yen's depreciation led to substantial increases in revenue and profit in the investment management business. The previous performance headwinds from market fluctuations did not appear during this period. - FY2023-Q1MitigatedAnnual report
「In the investment management business, higher dividend income due to a steady increase in investment management and the yen's depreciation resulted in higher revenue and profit, with revenue of ¥95 million, up 82.8% year on year, and segment profit (operating profit) of ¥78 million, up 86.5% year on year.」
Higher dividend income due to a steady increase in investment management and the yen's depreciation led to substantial increases in revenue and profit in the investment management business. The previous performance headwinds from market fluctuations did not appear in the explanation for this quarter. - FY2022Market correction and yen depreciation coexist with the securing of stable incomeAnnual report
「In 2022, equity markets entered a major correction phase due to factors including US interest-rate hikes and Russia's invasion of Ukraine. The Group has long pursued diversified and long-term investments and believes that it succeeded in securing stable income overall, although it was affected to some extent by the sharp depreciation of the yen toward the fiscal year-end.」
The company acknowledges the impact of market fluctuations caused by US interest-rate hikes, Russia's invasion of Ukraine and the yen's depreciation, while explaining that it secured stable income through diversified and long-term investments. - FY2022-Q3MitigatedAnnual report
「In the investment management business, dividend income increased due to an increase in the amount under securities investment management and higher and resumed dividends associated with the economic recovery. As business conditions also remained generally favorable, revenue was ¥137 million, up 28.0% year on year, and segment profit (operating profit) was ¥108 million, up 69.1% year on year.」
Higher dividend income due to an increase in the amount under investment management and higher and resumed dividends associated with the economic recovery resulted in higher revenue and profit in the investment management business. No performance headwinds from market conditions appeared during this period. - FY2022-Q2MitigatedAnnual report
「In the investment management business, dividend income increased due to an increase in the amount under securities investment management and higher and resumed dividends associated with the economic recovery. Together with generally favorable business conditions, this resulted in revenue of ¥90 million, up 30.4% year on year, and segment profit (operating profit) of ¥71 million, up 102.0% year on year.」
Higher dividend income due to an increase in the amount under securities investment management and higher and resumed dividends, together with generally favorable business conditions, resulted in higher revenue and profit in the investment management business. No performance headwinds from market conditions appeared during this period. - FY2022-Q1MitigatedAnnual report
「In the investment management business, higher dividend income due to an increase in the amount under securities investment management, together with generally favorable business conditions, resulted in revenue of ¥52 million, up 25.5% year on year, and segment profit (operating profit) of ¥41 million, up 58.1% year on year.」
Business conditions remained generally favorable, and higher dividend income led to higher revenue and profit in the investment management business. The previous performance headwinds from market conditions did not appear during this quarter. - FY2021Improved market conditions coexist with the recognition of valuation lossesAnnual report
「The global equity market capitalization increased by approximately 60% over the past year, reaching approximately US$106 trillion as of 31 March 2021 (Nikkei article dated 2 April 2021), as markets priced in an economic recovery ahead of time against a backdrop of global monetary easing and expectations for progress in COVID-19 vaccinations. As a result, market conditions remained generally favorable throughout the consolidated fiscal year. The Group makes long-term investments based on the long-term growth of the global economy and, during the consolidated fiscal year, succeeded in restoring the market value of its assets held and securing stable income, although it was affected to some extent by the yen's depreciation.」
Although the company reported improved market conditions, recovery in the market value of assets held and the securing of stable income, it also recorded valuation losses of ¥16 million on securities held for operating investment and ¥15 million on investment securities, indicating that the impact of market fluctuation risk remains. - FY2021-Q3MaterialisedAnnual report
「Valuation losses on investment securities 9 15」
The company recorded valuation losses on investment securities of ¥15 million in the nine-month period ended in the third quarter. Meanwhile, segment profit in the investment management business was ¥63 million, up 5.9% year on year, mainly due to higher interest and dividend income. - FY2021-Q2MaterialisedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under securities investment management was offset by the recognition of valuation losses on shares held for operating investment, among other factors, resulting in revenue of ¥69 million, up 12.3% year on year, and segment profit (operating profit) of ¥35 million, down 6.0% year on year.」
Valuation losses on shares held for operating investment were actually recorded. Despite higher interest and dividend income, segment profit in the investment management business declined 6.0% year on year. - FY2020MaterialisedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under securities investment management was offset by the recognition of valuation losses on shares held for operating investment, among other factors, as the market fell sharply in the fourth quarter of the consolidated fiscal year due to the spread of COVID-19. This resulted in revenue of ¥116 million, up 16.2% year on year, and segment profit (operating profit) of ¥11 million, down 80.9% year on year.」
Valuation losses on securities due to the market decline actually occurred, reducing segment profit in the investment management business by 80.9% year on year. - FY2020-Q3MitigatedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under securities investment management resulted in revenue of ¥93 million, up 14.5% year on year, and segment profit (operating profit) of ¥60 million, up 13.7% year on year.」
Higher interest and dividend income resulting from an increase in the amount under securities investment management led to higher revenue and profit in the investment management business. No performance headwinds related to investment management emerged during this period. - FY2020-Q1MitigatedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under securities investment management resulted in revenue of ¥37 million, up 18.0% year on year, and segment profit (operating profit) of ¥23 million, up 7.0% year on year.」
Higher interest and dividend income resulting from an increase in the amount under securities investment management led to higher revenue and profit in the investment management business. The performance headwinds from the reaction to the sale of shares held in the previous fiscal year described previously did not appear in the explanation for this quarter. - FY2019WorsenedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under securities investment management was offset by the reaction to the sale of some shares held in the previous fiscal year, resulting in revenue of ¥100 million, down 16.2% year on year, and segment profit (operating profit) of ¥62 million, down 22.6% year on year.」
The investment management business benefited from higher income due to an increase in the amount under investment management, but recorded lower revenue and profit for the full year due to the reaction to the sale of shares held in the previous fiscal year. - FY2019-Q3MitigatedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under securities investment management resulted in revenue of ¥81 million, up 29.5% year on year, and segment profit (operating profit) of ¥53 million, up 58.6% year on year.」
Higher interest and dividend income resulting from an increase in the amount under securities investment management led to higher revenue and profit in the investment management business. No performance headwinds related to investment management emerged during this period. - FY2019-Q2MitigatedAnnual report
「In the investment management business, higher interest and dividend income due to an increase in the amount under investment management resulted in revenue of ¥52 million, up 27.7% year on year, and segment profit (operating profit) of ¥33 million, up 82.3% year on year.」
Higher interest and dividend income resulting from an increase in the amount under securities investment management led to higher revenue and profit in the investment management business. No performance headwinds related to investment management emerged during this period. - FY2019-Q1MitigatedAnnual report
「In the investment management business, relatively favorable market conditions and an increase in the amount under investment management, primarily through higher interest and dividend income, resulted in revenue of ¥31 million, up 60.3% year on year, and segment profit (operating profit) of ¥21 million, up 83.4% year on year.」
Against a backdrop of relatively favorable market conditions and an increase in the amount under investment management, interest and dividend income increased, resulting in higher revenue and profit in the investment management business. The performance headwinds from market conditions and bond-related factors described previously are presented as having eased. - FY2018-Q3Lower revenue and profit due to a narrowing of bond interest-rate spreadsAnnual report
「In the investment management business, a narrowing of bond interest-rate spreads and other factors resulted in revenue of ¥63 million, down 58.8% year on year, and segment profit (operating profit) of ¥33 million, down 22.3% year on year.」
The investment management business identifies the narrowing of bond interest-rate spreads as a new factor weighing on performance, and lower revenue and profit actually occurred. - FY2018-Q2Continued revenue decline due to the reaction to bond redemptionsAnnual report
「In the investment management business, the reaction to the redemption of some bonds held in the securities investment business in the same period of the previous year resulted in revenue of ¥40 million, down 59.8% year on year, and segment profit (operating profit) of ¥18 million, down 34.2% year on year.」
In the securities investment business, the reaction to the redemption of some bonds held in the same period of the previous year continued to affect the first half, resulting in lower revenue and lower profit. - FY2018-Q1MitigatedAnnual report
「The investment management business recorded lower revenue due mainly to the reaction to the redemption of some bonds held in the securities investment business in the same period of the previous year. However, securities markets were generally stable and the amount under investment management increased, resulting in revenue of ¥19 million, down 45.1% year on year, and segment profit (operating profit) of ¥11 million, up 65.8% year on year.」
During the quarter, securities markets were generally stable and segment profit in the investment management business increased 65.8% year on year, so the impact of market instability on performance was less severe than at the time of the previous disclosure. - FY2017RestatedAnnual report
「There is no guarantee that investees will achieve the performance initially expected due to various factors. In such cases, losses from a reassessment of investee valuations, delays in recovering investments, or sharp market fluctuations could affect the Group's business performance.」
The company continues to disclose the risks of investees failing to meet performance expectations, valuation losses, delays in recovering investments and market fluctuations. - FY2017-Q1MaterialisedAnnual report
「The investment management business recorded higher revenue due to the redemption of some bonds held in the securities investment business and an increase in the amount under investment management. However, higher credit costs resulting from increased market instability led to revenue of ¥35 million, up 121.6% year on year, and segment profit (operating profit) of ¥7 million, down 39.8% year on year.」
Higher credit costs resulting from increased market instability actually occurred, reducing segment profit in the investment management business by 39.8% year on year. - FY2016First statedAnnual report
「There is no guarantee that investees will achieve the performance initially expected due to various factors. In such cases, losses from a reassessment of investee valuations, delays in recovering investments, or sharp market fluctuations could affect the Group's business performance.」
For investments in domestic and overseas venture companies, financial institutions and general operating companies, the company identifies failure to meet performance expectations, valuation losses, delays in recovering investments and market fluctuations as risks.