Ichiyoshi Securities Co., Ltd.
8624・Prime Market・Securities & Commodity Futures
Business
Ichiyoshi Securities Co., Ltd. is a mid-tier securities company established in 1944 and listed on the Prime Market of the Tokyo Stock Exchange. In addition to Ichiyoshi Securities itself, the group comprises five companies in total: Ichiyoshi Economic Research Institute Co., Ltd., which specializes in research on small- and mid-cap growth companies; Ichiyoshi Asset Management Co., Ltd., which handles the asset management business; Ichiyoshi Business Service Co., Ltd., engaged in administrative agency and real estate operations; and Ichiyoshi IFA Co., Ltd., which conducts the financial instruments intermediary business. The group's main customers are individual investors, centered on the wealthy individual segment, and it provides made-to-order portfolio proposals through a nationwide network of 52 branches. Under the belief of "not selling products just because they can be sold," the company has maintained the "Ichiyoshi Standard," under which it does not handle complex products such as structured bonds, for over 20 years.
Business Model
Promoting a shift in revenue structure from brokerage commissions (flow-type) toward wrap fees from the fund wrap "DoriKore" and investment trust fees (stock-type). Of the ¥23,902 million in commissions received in FY2026 (ending March 2026), other commissions received (trust fees, wrap fees, etc.) accounted for ¥16,131 million, or 67.5%. The cost coverage ratio (stable revenue ÷ SG&A expenses) has risen to 84.3%, indicating progress in building a revenue base less susceptible to market fluctuations.
Company Strengths
The fund wrap "Dream Collection (DoriKore)" ended the period with a balance of ¥440.2 billion (up 34.5% from the previous fiscal year-end), maintaining high growth even after ten years since the service's launch. Derivative services such as DoriKore NISA, DoriKore Mini, and DoriKore Path have also been rolled out, capturing asset-formation needs across customer generations. Wrap fees and related income increased 36.9% year on year to ¥6,331 million.
Consolidated subsidiary Ichiyoshi Research Institute Co., Ltd. is responsible for research and investment advisory specializing in small- and mid-cap growth companies, serving as a differentiating factor for the group as a whole. Brokerage commissions on small- and mid-cap stocks totaled ¥662 million (up 41.4% year on year), accounting for 11.2% of total equity brokerage commissions. The company's proprietary research capabilities in the small- and mid-cap stock segment, an area underserved by major securities firms, represent a unique asset that is difficult for competitors to replicate in the short term.
Consolidated subsidiary Ichiyoshi Asset Management (Investment Management Services) ended the period with assets under management of ¥744.3 billion (up 27.8% from the previous fiscal year-end), and recorded trust fees related to asset management of ¥3,181 million (up 22.6% year on year). By internalizing the investment management function within the group, the company has built a trinity model of advisory, research, and asset management, achieving multi-layered revenue streams.
ENVALITH's Perspective
Performance Trend
Operating revenue over the past five fiscal periods trended as follows: FY2022 ¥19,591 million → FY2023 ¥16,666 million (sharp decline due to deteriorating market conditions) → FY2024 ¥18,837 million → FY2025 ¥18,804 million (flat) → FY2026 ¥24,579 million, showing a sharp acceleration in FY2026. Operating profit likewise moved from ¥3,321 million in FY2022 → ¥1,166 million in FY2023 → ¥2,803 million in FY2024 → ¥2,285 million in FY2025 → ¥6,160 million in FY2026, marking the highest level in the past five fiscal periods. As an external factor, the Nikkei Average's sustained high levels (reaching a peak of ¥59,332 during the period) boosted brokerage commissions, while stock-type revenue (trust fees and wrap fees combined, totaling ¥15,461 million) also expanded autonomously, up 31.5% year on year, indicating an improvement in the quality of earnings as well.
Growth Strategy
Under the new medium-term plan "Target 5," the company aims to achieve assets under custody of ¥5 trillion, a cost coverage ratio of 100%, and ROE of 15% by the end of March 2030.
Leveraging derivative services such as DoriKore NISA, DoriKore Mini, and DoriKore Pass, the company supports customers' mid- to long-term asset formation across generations. The balance reached ¥440.2 billion at the end of FY2026 (ending March 2026) (up 34.5% year on year), expanding steadily and directly contributing to a stable increase in wrap fee income.
The company aims to raise the cost coverage ratio—stable revenue such as trust fees and wrap fees divided by SG&A expenses—to 100%, establishing a revenue base unaffected by market fluctuations. The ratio reached 84.3% in FY2026 (ending March 2026) (up from 71.4% in the previous fiscal year), continuing to improve and approaching the target through both balance expansion and cost management.
The numerical target of the new medium-term plan, ROE of 15%, was achieved in FY2026 (ending March 2026) at 15.0%. The company aims to maintain this target level by balancing capital efficiency management—through disposal of treasury shares (¥232 million) and exercise of stock options (¥208 million)—with profit growth.
The company is advancing efforts in hiring, developing, and retaining talent, as well as improving operational efficiency through the use of AI and DX. Personnel expenses in FY2026 (ending March 2026) amounted to ¥10,271 million (up 15.3% year on year), reflecting continued upfront investment. Through improving advisor quality and strengthening head office support capabilities, the company is building a framework to support the expansion of assets under custody.
Last updated: July 19, 2026