Matsui Securities Co (8628) Q2 2025 earnings summary

Executive summary

• Operating revenues for 2Q FY2024 rose 15% year-over-year to JPY 20,285 million, with net income up 28% to JPY 6,097 million and ordinary income ratio improving to 44% from 41% year-over-year.

• Net operating revenue increased 16% year-over-year to JPY 19,373 million.

• Operating profit grew 22% year-over-year to JPY 8,900 million, and ordinary profit rose 23% to JPY 8,902 million.

• Quarterly net income increased 11% sequentially to JPY 3,203 million, with operating income up 10% and ordinary income up 11% from the previous quarter.

• Net profit surged 28% year-over-year to JPY 6,097 million.

Financial highlights

• Basic earnings per share increased to JPY 23.69 from JPY 18.48 year-over-year.

• Total assets as of September 30, 2024, were JPY 1,092,357 million, down from JPY 1,172,667 million at March 31, 2024.

• Net assets rose to JPY 77,393 million from JPY 76,326 million at the previous fiscal year-end.

• SG&A expenses increased 11% year-over-year to JPY 10,473 million, with notable rises in personnel and depreciation costs.

• Net trading income surged 69% year-over-year, while net interest income grew 15%.

Outlook and guidance

• Interim dividend of 22 yen per share for FY24, with a payout ratio of 93% and ROE at 16%.

• Dividend of 20 yen per share for the second quarter; full-year dividend forecast undecided.

• Dividend policy targets a payout ratio of 60% and above, and DOE of 8% and above.

• No revisions to the previously announced dividend forecast.

• No earnings forecast provided due to market-dependent business environment; monthly business information will be disclosed instead.