NMR - Nomura Holdings: Japan's Largest Securities Brokerage

• Nomura Holdings' U.S. business benefited from political uncertainty in 1H FY 2021, as investors relied on equity derivatives to hedge risks associated with the U.S. election.
• Nomura Holdings could be negatively impacted by regulatory headwinds in its home market, Japan, with the review of firewall regulations regarding the separation of banking and securities businesses.
• The company's capital allocation policy, with respect to capital return and overseas expansion, is a key factor that affects shareholder value creation.
• Nomura Holdings trades at 0.67 times trailing P/B and 8.7 times consensus forward FY 2022 (YE March) P/E, and it offers a consensus forward FY 2022 dividend yield of 3.5%.

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