Matsui Securities Co., Ltd. :MAUSY-US: Earnings Analysis: Q4, 2017 By the Numbers : June 21, 2017

Matsui Securities Co., Ltd. reports financial results for the quarter ended March 31, 2017.

We analyze the earnings along side the following peers of Matsui Securities Co., Ltd. – Ladenburg Thalmann Financial Services Inc., Stifel Financial Corp., Raymond James Financial, Inc., Global Brokerage Inc Class A and Nomura Holdings, Inc. Sponsored ADR (LTS-US, SF-US, RJF-US, GLBR-US and NMR-US) that have also reported for this period.

Highlights

  • Summary numbers: Revenues of USD 61.62 million, Net Earnings of USD 25.70 million.
  • Earnings growth due to contribution of one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31
Relevant Numbers (Quarterly)
Revenues (mil) 61.62 63.75 61.4 69.16 67.83
Revenue Growth (%YOY) -9.16 -4.57 -19.71 -9.08 -9.05
Earnings (mil) 25.7 24.41 22.25 26.21 24.84
Earnings Growth (%YOY) 3.48 -9.49 -40.64 -21.4 -37.5
Net Margin (%) 41.71 38.29 36.23 37.89 36.62
EPS 0.2 0.19 0.17 0.2 0.19
Return on Equity (%) 12.54 11.47 9.95 12.33 12.63
Return on Assets (%) 1.54 1.54 1.44 1.74 1.62

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Market Share Versus Profits

Revenues History
Earnings History

MAUSY-US‘s change in revenue this period compared to the same period last year of -9.16% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that MAUSY-US is holding onto its market share. Also, for comparison purposes, revenues changed by -3.34% and earnings by 5.30% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Margins

The company’s operating (EBIT) margins contracted from 58.40% to 54.39%. In spite of this, the company’s earnings rose. This was influenced primarily by one-time items, which improved pretax margins from 56.19% to 59.03%.

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

Access our Ratings and Scores for Matsui Securities Co., Ltd.

Company Profile

Matsui Securities Co., Ltd. engages in the provision of online securities services to retail investors. Its services include market derivative transaction brokerage such as stocks, futures option, and foreign exchange margin trading; underwriting, offering, selling management; and over-the-counter of foreign exchange transaction services. The company was founded by Fusakichi Matsui in May 1918 and is headquartered in Tokyo, Japan.

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