Ichiyoshi Securities Co., Ltd.
8624・Prime Market・Securities & Commodity Futures
Investment & Financial Services (Ichiyoshi Securities Group single segment)
A mid-tier securities group advancing its transition to a stock-based (recurring revenue) business model centered on financial instruments business
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating revenue | ¥24,579 million | ¥18,804 million | ↑ |
| Net operating revenue | ¥24,508 million | ¥18,762 million | ↑ |
| Operating profit | ¥6,160 million | ¥2,285 million | ↑ |
| Ordinary profit | ¥6,236 million | ¥2,406 million | ↑ |
| Net income attributable to owners of the parent | ¥4,392 million | ¥1,564 million | ↑ |
| Selling, general and administrative expenses | ¥18,347 million | ¥16,476 million | ↑ |
| Cost coverage ratio | 84.3% | 71.4% | ↑ |
| Total commissions received | ¥23,902 million | ¥18,346 million | ↑ |
| Proportion of other commissions received (stable revenue) to total commissions received | 64.7% | 64.1% | ↑ |
| Capital adequacy ratio | 448.4% | 448.0% | — |
| ROE (return on equity) | 15.0% | 5.5% | ↑ |
| Net income per share | ¥137.32 | ¥47.11 | ↑ |
| Net assets per share | ¥962.66 | ¥861.85 | ↑ |
| Annual dividend per share | ¥89.00 | ¥34.00 | ↑ |
| Total assets | ¥55,110 million | ¥41,900 million | ↑ |
| Net assets | ¥31,003 million | ¥27,461 million | ↑ |
| Equity ratio | 56.2% | 65.4% | ↓ |
Business Details
The group consists of five companies centered on Ichiyoshi Securities: Ichiyoshi Economic Research Institute (research on small- and mid-cap growth companies), Ichiyoshi Asset Management (investment trust management and discretionary investment management), Ichiyoshi Business Service (administrative agency services and real estate), and Ichiyoshi IFA (financial instruments intermediary business). The group provides securities trading and brokerage intermediation, handling of public offerings and secondary distributions, fund wrap services, and other offerings, and is promoting a shift from flow-based revenue to a stock-based revenue structure centered on trust fees and wrap fees. Assets under custody at the end of FY2026 (ending March 2026) reached ¥2,647.5 billion (up 20.1% from the end of the prior fiscal year).
Recent Overview
In FY2026 (ending March 2026), operating profit increased sharply by 169.5% year on year to ¥6,160 million, and ROE achieved the new medium-term plan's target of 15%
Against the backdrop of a sharp rise in the Japanese stock market (the Nikkei Average rose to ¥59,332 in February), brokerage commissions increased by 36.6% year on year. Stable stock-based revenue increased substantially due to growth in the fund wrap balance (¥440.2 billion, up 34.5% from the end of the prior fiscal year) and investment trust balance (¥864.6 billion, up 13.4% year on year), and the cost coverage ratio improved to 84.3% (from 71.4% in the prior fiscal year). The previous medium-term management plan "3・D" concluded, and a new medium-term management plan, "Target 5 <ONE TEAM>" (targeting assets under custody of ¥5 trillion, a cost coverage ratio of 100%, and ROE of 15% by the end of March 2030), began in April 2026. An annual dividend of ¥89 (versus ¥34 in the prior fiscal year), including a commemorative dividend for the company's 75th anniversary, was paid, resulting in a dividend payout ratio of 64.8%.
Key Products
Growth Drivers
- Continued expansion of the fund wrap (DoriKore) balance (¥440.2 billion at fiscal year-end, up 34.5% from the end of the prior fiscal year), increasing wrap fee income
- Increase in trust fee income accompanying growth in the investment trust balance (¥864.6 billion at fiscal year-end, up 13.4% from the end of the prior fiscal year)
- Efforts toward achieving assets under custody of ¥5 trillion by the end of March 2030 under the new medium-term management plan "Target 5 <ONE TEAM>"
- Increase in investment management trust fees due to expansion of Ichiyoshi Asset Management's assets under management (¥744.3 billion at fiscal year-end, up 27.8% from the end of the prior fiscal year)
- Expansion of the customer base and increase in assets under custody driven by the spread of the new NISA system and the shift "from savings to investment"
- Progress in the shift toward a stock-based revenue structure, as shown by the improvement in the cost coverage ratio (from 71.4% to 84.3%)
- Productivity gains and enhanced customer service quality through advance investment in personnel, AI, and DX
- Deepening of the customer base through the rollout of new services such as DoriKore NISA, DoriKore Mini, and DoriKore Pass
Risks
- Risk that performance is heavily dependent on securities market fluctuations (earnings forecasts are undisclosed due to the difficulty of disclosure)
- Risk of deteriorating market conditions due to uncertainty over U.S. tariff policy and geopolitical risks such as the worsening situation in the Middle East
- Risk of profit pressure from increased selling, general and administrative expenses, mainly personnel costs (up 11.4% year on year to ¥18,347 million)
- Structural decline in offering handling commissions due to an increasing proportion of no-load (no sales commission) investment trust products
- Decline in the equity ratio (from 65.4% to 56.2%) accompanying the expansion of total assets (up 31.5% from the end of the prior fiscal year)
- Risk of increasing upfront investment burden in pursuit of the targets under the new medium-term management plan "Target 5" (assets under custody of ¥5 trillion and cost coverage ratio of 100%)
- Uncertainty regarding the recoverability of deferred tax assets (a risk of earnings volatility specific to market-sensitive industries)
- Risk of impact on revenue related to small- and mid-cap growth stocks due to the sluggish performance of the TSE Growth Market (index at 911 at fiscal year-end)
Last updated: June 12, 2026