Nomura Holdings Q1 Financial Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
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Should l Buy NMR?
Source: seekingalpha
- Earnings Performance: Nomura Holdings reported a GAAP EPS of ¥118.99 for Q1, indicating stability in a volatile market despite limited year-over-year growth, which may reassure investors about the company's resilience.
- Revenue Growth: The company achieved Q1 revenue of ¥4,758.49 billion, reflecting a modest 0.5% year-over-year increase, showcasing its operational capability in the global capital markets amid economic uncertainties.
- Lack of Earnings Forecast: Nomura has refrained from providing earnings and dividend forecasts for the year ending March 31, 2027, due to uncertainties in the global capital markets, which could lead to investor caution regarding future performance expectations.
- Market Environment Challenges: The ongoing uncertainties in economic and market conditions highlight Nomura's cautious approach, which may impact its stock performance as the company navigates potential risks in the capital markets.
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About NMR
Nomura Holdings Inc is a Japan-based company mainly engaged in the securities, investment, and other financial services business across the world. The Company has three business segments. The Sales segment provides investment consultation services to individual clients in Japan. The Investment Management segment provides investment management services and investment solutions, including the establishment and management of investment trusts, discretionary investment services for domestic and foreign investors, fund management and administration for investment corporations and institutional investors, and silent partnership management. The Wholesale segment is engaged in the sale and trading of bonds, equity securities, derivatives, and foreign exchange, as well as investment banking services such as the bonds and securities underwriting business, merger and acquisition (M&A) business and financial advisory services. The Company operates in Japan, the Americas, Europe, Asia and Oceania.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Nomura Holdings Q1 Financial Highlights
- Earnings Performance: Nomura Holdings reported a GAAP EPS of ¥118.99 for Q1, indicating stability in a volatile market despite limited year-over-year growth, which may reassure investors about the company's resilience.
- Revenue Growth: The company achieved Q1 revenue of ¥4,758.49 billion, reflecting a modest 0.5% year-over-year increase, showcasing its operational capability in the global capital markets amid economic uncertainties.
- Lack of Earnings Forecast: Nomura has refrained from providing earnings and dividend forecasts for the year ending March 31, 2027, due to uncertainties in the global capital markets, which could lead to investor caution regarding future performance expectations.
- Market Environment Challenges: The ongoing uncertainties in economic and market conditions highlight Nomura's cautious approach, which may impact its stock performance as the company navigates potential risks in the capital markets.
See More
Rapid Growth of Hybrid Vehicle Market in India
- Surge in Hybrid Sales: According to a report by Care Ratings, hybrid vehicle sales in India reached 362,866 units in the financial year ending March 2026, up nearly fourfold from 98,010 units in 2020, indicating a strong consumer demand for better fuel efficiency, with hybrids expected to account for 10% of total car sales by FY2027.
- Limited EV Market Share: Despite the rising demand for electric vehicles, only 131,865 units are projected to be sold by March 2026, reflecting a consumer preference for hybrids due to concerns over inadequate charging infrastructure.
- Market Leaders: Toyota and Maruti Suzuki dominate the hybrid vehicle market in India, with Toyota selling 366,896 cars including 91,536 strong hybrids in FY2026, while Maruti sold 20,466 strong hybrids, further solidifying their market positions.
- Future Model Launches: Experts predict that more hybrid models will be launched in the next 12 months than in the past five years combined, driven by increasing consumer acceptance of hybrids that require no change in refueling habits, thereby propelling market growth.
See More
India's Exports Hit by Iran War and Tariffs
- Significant Export Decline: India's merchandise exports fell to $38.9 billion in March, a drop of over 7% year-on-year, indicating that hopes for recovery are dashed under the dual pressures of U.S. tariffs and the Iran war.
- Key Markets Affected: Exports to the UAE plummeted nearly 62%, while shipments to the U.S. dropped 21%, reflecting widespread weakness across critical export categories such as agriculture, textiles, and chemicals, which negatively impacts overall economic performance.
- Tariff Impact Intensified: For the financial year ending March 2026, India's goods exports grew by less than 1% to $441.78 billion, primarily hindered by the severe drag of 50% U.S. tariffs in effect from August last year, despite a reduction to 18% in February this year.
- Pessimistic Future Outlook: Experts warn that Indian exporters face a
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Federal Reserve Rate Cut Forecast Delayed to September 2026
- Rate Cut Delay: According to Nomura's latest report, analysts have pushed back the forecast for the Federal Reserve's first rate cut from June 2026 to September 2026, primarily due to geopolitical volatility and shifting leadership dynamics at the Fed, indicating a cautious market outlook on future monetary policy.
- Geopolitical Impact: The ongoing conflict in Iran has introduced new inflationary pressures into the U.S. economy, with volatile energy prices and supply chain disruptions prompting the Fed to prioritize price stability in the near term, thereby influencing its monetary policy decisions.
- Leadership Changes: The delayed confirmation of Kevin Warsh's nomination has reduced political pressure on the Fed for a mid-year rate cut; although the incoming leadership is expected to eventually prioritize easing, the current political vacuum justifies the Fed's restrictive stance through the summer months.
- Labor Market Response: Despite the delay in rate cuts, Nomura maintains that the Fed's underlying bias remains toward easing, as Chair Jerome Powell has shown a higher sensitivity to signs of labor market weakness, suggesting that once the leadership transition is finalized and labor market conditions cool further, the path for a September rate reduction will become clearer.
See More
India's Economic Growth Faces Downside Risks Amid Middle East Conflict
- Growth Forecast Downgrade: India's growth forecast for the fiscal year ending March 2027 has been adjusted down to 7.0%-7.4% due to rising energy costs and supply chain disruptions linked to the Iran war, which is expected to significantly increase the trade deficit and impact the current account deficit, potentially hindering economic recovery.
- Rising Energy Costs: India relies on the Strait of Hormuz for about 50% of its crude oil, with prices surging from $80 to $140, leading to increased domestic fuel prices; while the government has cut taxes to alleviate consumer burdens, tax revenues are likely to be adversely affected.
- Private Sector Activity Slowdown: The HSBC flash Purchasing Managers' Index indicates that private sector activity in India fell to its lowest level since October 2022 in March, reflecting weak domestic demand and heightened inflationary pressures, with businesses expressing pessimism about future growth.
- Policy Response Measures: The Indian government has implemented measures to reduce central excise duties on petrol and diesel to prevent price hikes while raising export duties on diesel and aviation fuel to ensure domestic supply, demonstrating a cautious approach in addressing the energy crisis.
See More
Toyota and Mitsubishi Financial Set to Surge: Reasons to Invest in Japanese Stocks.
- Investment Appeal: Japan is becoming an attractive destination for investment due to improving business conditions.
- Focus on Profits: Companies are increasingly prioritizing profits and returning cash to shareholders through dividends and buybacks.
- Impact of Currency: A weaker yen is contributing to enhanced earnings for exporters.
- Overall Economic Outlook: The combination of these factors is creating a more favorable environment for investors in Japan.
See More
Nomura Holdings Q1 Financial Highlights
- Earnings Performance: Nomura Holdings reported a GAAP EPS of ¥118.99 for Q1, indicating stability in a volatile market despite limited year-over-year growth, which may reassure investors about the company's resilience.
- Revenue Growth: The company achieved Q1 revenue of ¥4,758.49 billion, reflecting a modest 0.5% year-over-year increase, showcasing its operational capability in the global capital markets amid economic uncertainties.
- Lack of Earnings Forecast: Nomura has refrained from providing earnings and dividend forecasts for the year ending March 31, 2027, due to uncertainties in the global capital markets, which could lead to investor caution regarding future performance expectations.
- Market Environment Challenges: The ongoing uncertainties in economic and market conditions highlight Nomura's cautious approach, which may impact its stock performance as the company navigates potential risks in the capital markets.
See More
Rapid Growth of Hybrid Vehicle Market in India
- Surge in Hybrid Sales: According to a report by Care Ratings, hybrid vehicle sales in India reached 362,866 units in the financial year ending March 2026, up nearly fourfold from 98,010 units in 2020, indicating a strong consumer demand for better fuel efficiency, with hybrids expected to account for 10% of total car sales by FY2027.
- Limited EV Market Share: Despite the rising demand for electric vehicles, only 131,865 units are projected to be sold by March 2026, reflecting a consumer preference for hybrids due to concerns over inadequate charging infrastructure.
- Market Leaders: Toyota and Maruti Suzuki dominate the hybrid vehicle market in India, with Toyota selling 366,896 cars including 91,536 strong hybrids in FY2026, while Maruti sold 20,466 strong hybrids, further solidifying their market positions.
- Future Model Launches: Experts predict that more hybrid models will be launched in the next 12 months than in the past five years combined, driven by increasing consumer acceptance of hybrids that require no change in refueling habits, thereby propelling market growth.
See More
India's Exports Hit by Iran War and Tariffs
- Significant Export Decline: India's merchandise exports fell to $38.9 billion in March, a drop of over 7% year-on-year, indicating that hopes for recovery are dashed under the dual pressures of U.S. tariffs and the Iran war.
- Key Markets Affected: Exports to the UAE plummeted nearly 62%, while shipments to the U.S. dropped 21%, reflecting widespread weakness across critical export categories such as agriculture, textiles, and chemicals, which negatively impacts overall economic performance.
- Tariff Impact Intensified: For the financial year ending March 2026, India's goods exports grew by less than 1% to $441.78 billion, primarily hindered by the severe drag of 50% U.S. tariffs in effect from August last year, despite a reduction to 18% in February this year.
- Pessimistic Future Outlook: Experts warn that Indian exporters face a
See More
Federal Reserve Rate Cut Forecast Delayed to September 2026
- Rate Cut Delay: According to Nomura's latest report, analysts have pushed back the forecast for the Federal Reserve's first rate cut from June 2026 to September 2026, primarily due to geopolitical volatility and shifting leadership dynamics at the Fed, indicating a cautious market outlook on future monetary policy.
- Geopolitical Impact: The ongoing conflict in Iran has introduced new inflationary pressures into the U.S. economy, with volatile energy prices and supply chain disruptions prompting the Fed to prioritize price stability in the near term, thereby influencing its monetary policy decisions.
- Leadership Changes: The delayed confirmation of Kevin Warsh's nomination has reduced political pressure on the Fed for a mid-year rate cut; although the incoming leadership is expected to eventually prioritize easing, the current political vacuum justifies the Fed's restrictive stance through the summer months.
- Labor Market Response: Despite the delay in rate cuts, Nomura maintains that the Fed's underlying bias remains toward easing, as Chair Jerome Powell has shown a higher sensitivity to signs of labor market weakness, suggesting that once the leadership transition is finalized and labor market conditions cool further, the path for a September rate reduction will become clearer.
See More
India's Economic Growth Faces Downside Risks Amid Middle East Conflict
- Growth Forecast Downgrade: India's growth forecast for the fiscal year ending March 2027 has been adjusted down to 7.0%-7.4% due to rising energy costs and supply chain disruptions linked to the Iran war, which is expected to significantly increase the trade deficit and impact the current account deficit, potentially hindering economic recovery.
- Rising Energy Costs: India relies on the Strait of Hormuz for about 50% of its crude oil, with prices surging from $80 to $140, leading to increased domestic fuel prices; while the government has cut taxes to alleviate consumer burdens, tax revenues are likely to be adversely affected.
- Private Sector Activity Slowdown: The HSBC flash Purchasing Managers' Index indicates that private sector activity in India fell to its lowest level since October 2022 in March, reflecting weak domestic demand and heightened inflationary pressures, with businesses expressing pessimism about future growth.
- Policy Response Measures: The Indian government has implemented measures to reduce central excise duties on petrol and diesel to prevent price hikes while raising export duties on diesel and aviation fuel to ensure domestic supply, demonstrating a cautious approach in addressing the energy crisis.
See More
Toyota and Mitsubishi Financial Set to Surge: Reasons to Invest in Japanese Stocks.
- Investment Appeal: Japan is becoming an attractive destination for investment due to improving business conditions.
- Focus on Profits: Companies are increasingly prioritizing profits and returning cash to shareholders through dividends and buybacks.
- Impact of Currency: A weaker yen is contributing to enhanced earnings for exporters.
- Overall Economic Outlook: The combination of these factors is creating a more favorable environment for investors in Japan.
See More
