NMR - Nomura Holdings: Relatively Fragile Business Model With Limited Prospects For Shareholder Returns
- The US trading incident in March 2021 highlighted the relatively fragile business model of Nomura Holdings.
- We anticipate a slowdown in business activity at US wholesale and domestic retail YoY.
- Current consensus forecasts a prospective dividend yield of 4.6%, but we remain sellers of the shares.
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Nomura Holdings: Relatively Fragile Business Model With Limited Prospects For Shareholder Returns