ENVALITH
松井証券株式会社 logo

MATSUI SECURITIES CO.,LTD.

8628・Prime Market・Securities & Commodity Futures

Official website
松井証券株式会社 logo
MATSUI SECURITIES CO.,LTD.8628

Business

Matsui Securities, founded in 1918, is an independent online securities company that listed on the First Section of the Tokyo Stock Exchange in 2001. It offers a wide range of financial products and services to individual investors, including Stock, Futures & Options Brokerage Trading, investment trust sales, FX (Foreign Exchange Margin Trading), US Stock Trading, and IPO underwriting. Its core customer base consists of active individual investors who engage proactively in investing, while also capturing novice investors, with over 40% of new account openers being in their 30s or younger. As the only independent company among the five major online securities firms, it has established a unique positioning that does not rely on the customer base of a parent group. The business operates as a single segment, maintaining an efficient operating structure by concentrating management resources on its online-based business model.

Business Model

Revenue is composed of three main pillars: (1) commissions received from stock and other brokerage trading (FY2026 (ending March 2026): ¥25,963 million), (2) financial income and expenses centered on interest income from margin loans and distributions from deposits (same period: ¥17,306 million), and (3) trading gains/losses from FX (Foreign Exchange Margin Trading) transactions (same period: ¥5,819 million). The online-only model achieves a low-cost structure compared to face-to-face securities firms, maintaining a high operating profit margin. Funds for margin loans are procured through short-term borrowings from banks and other institutions, enhancing capital efficiency.

Company Strengths

Achieved the highest three-star rating for 15 consecutive years in HDI-Japan's "Contact Center Rating (Securities Industry)" conducted by third-party evaluator HDI-Japan. Also won No.1 ranking in the online securities category of J.D. Power's "2025 Customer Center Satisfaction Study" for two consecutive years. The company has a track record of maintaining high-quality support even amid a temporary decline in response rates caused by mandatory multi-factor authentication, promptly increasing operator staffing and expanding holiday reception hours.

Matsui Securities' official YouTube channel has surpassed 790,000 subscribers with total views exceeding 180 million, establishing itself as the No.1 brand among media operated by financial institutions. The company continues to implement measures to raise brand awareness, including nationwide broadcast of new commercials featuring Arisa Hirose and a sponsorship agreement with the professional esports team FENNEL. Its ability to build a proprietary customer acquisition channel starting from video content is a unique asset that is difficult for competitors to replicate in a short period.

Through strengthened collaboration with venture capital firms, the company achieved a 69% IPO underwriting participation rate in FY2026 (ending March 2026), recording the industry's No.2 ranking in the number of IPO stocks handled. IPO-related revenue is an area of high interest among individual investors, and expanding the number of IPOs handled contributes to competitive advantage in both customer acquisition and retention. As an independent company unconstrained by any specific corporate group, its ability to freely build relationships with venture capital firms is also a strength.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating revenue reached ¥52,660 million (up 34.3% year on year), operating profit reached ¥23,462 million (up 50.1%), and net income attributable to owners of parent reached ¥15,480 million (up 47.4%), with substantial profit growth across all metrics. In addition to the market environment (external factor) in which the Nikkei Average recorded an all-time high of ¥58,583, individual stock brokerage trading value across the two exchanges rose 37% year on year overall, and the company secured growth of 35%, roughly in line with the market. Increased distribution income from deposits driven by rising interest rates (external factor) and expansion of FX (Foreign Exchange Margin Trading) (company strategy) accelerated revenue diversification.

Because the securities business is heavily influenced by market conditions, the company does not disclose earnings forecasts, resulting in low visibility for investors regarding the outlook. In FY2026 (ending March 2026), selling, general and administrative expenses reached ¥25,625 million (up 19.2% year on year), expanding at a pace exceeding revenue growth, with continued increases in advertising expenses, outsourcing expenses, and personnel expenses. In addition, compensation payments of ¥375 million related to unauthorized access caused by phishing scams and malware, along with a provision for financial instruments transaction liability reserve of ¥1,474 million, were recorded as extraordinary losses, with the materialization of cyber risk acting as a factor pushing down earnings.

Even after SBI SECURITIES and Rakuten Securities eliminated brokerage commissions on stock trading, the company's brokerage commissions remained on an increasing trend at ¥24,805 million (up 31.3% year on year), suggesting the short-term impact has been limited. Meanwhile, the combined total of financial income and expenses of ¥17,306 million and FX trading gains and losses of ¥5,819 million has expanded to exceed 44% of operating revenue, showing steady progress in revenue diversification away from dependence on commissions. Whether the company, as an independent player, can maintain a strategic focus (on active individual investors) distinct from that of companies under major conglomerates will be a key factor determining its medium- to long-term competitiveness.

Growth Strategy

Expanding the customer base through four pillars: brand strengthening, product lineup expansion, service quality improvement, and new business exploration

Nationwide broadcast of new commercials featuring Alice Hirose, sponsorship agreement with professional esports team FENNEL, and establishment of the No.1 position among financial institution-operated media with over 790,000 subscribers and over 180 million total views on the official YouTube channel. Continued diverse content development, including the launch of text article distribution through the renewal of the investment information media "Money Satellite."

Implemented product expansion catering to investors from beginners to advanced levels, including the launch of a credit card investment trust installment service in collaboration with JCB, the introduction of MATSUI Bank's "Securities Balance-Linked Ordinary Yen Deposit Rank-Based Interest Rate Program" (maximum annual rate of 0.65%), expansion of FX currency pairs to 32 pairs, and the launch of US stock pre-market trading support and "Market Lab US Stocks."

Achieved a 69% IPO underwriting participation rate and the industry's second-largest number of deals handled through strengthened collaboration with venture capital firms. Contributed to new customer acquisition and increased trading activity among existing customers through expanded handling of IPO stocks popular among individual investors.

Entered the insurance field by concluding a capital and business alliance agreement with Agent IG Holdings Inc. In collaboration with the specialized financial planning services of the Agent IG Holdings group, the Company is now able to propose optimal insurance products based on customers' life plans. Strengthened the ability to respond to financial needs beyond securities.

Made multi-factor authentication mandatory for all customers at login and introduced passkeys (FIDO2-compliant) across all trading channels. Promoted response to the Financial Services Agency's cybersecurity self-assessment and compliance with guidelines. Recorded compensation for customer damages caused by unauthorized access (¥375 million in compensation payments) and cybersecurity insurance proceeds (¥212 million in insurance proceeds received), establishing a response framework.

Last updated: July 19, 2026