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NRSCF - Nomura Holdings: Dividend Cut Priced In But We Are Sellers
Nomura Holdings Inc
Nomura has monetized well during favorable market conditions in FY3/2021, and executed its cost reduction program ahead of schedule.
Despite these positives, we feel they will experience a decline in market activity YoY. With limited cost cutting options, we believe earnings will fall YoY resulting in a dividend cut.
Consensus already forecasts a FY3/2022 dividend cut and this is priced in. However, we are sellers of the shares with the limited predictability of earnings on offer.