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Marusan Securities Co., Ltd.
(8613)
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Rating:75Outperform
Price Target:
¥1,368.00
▲(34.78% Upside)
Action:Reiterated
Date:05/01/26
The score is driven primarily by improving profitability and a low-leverage balance sheet, plus supportive valuation via a high dividend yield and moderate P/E. These positives are tempered by historically volatile cash flows and only neutral technical momentum.
Positive Factors
Conservative balance sheet
Low leverage and substantial equity provide durable financial flexibility for a securities broker. This reduces refinancing and solvency risk during market downturns, supports underwriting and market-making capacity, and preserves optionality for dividends or strategic investments.
Negative Factors
Revenue and earnings cyclicality
Business depends on market volumes and issuance activity, producing lumpy top-line swings. That cyclicality undermines predictability of fee and trading income over a 2–6 month horizon, complicates budgeting and weakens the stability of recurring earnings drivers.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and substantial equity provide durable financial flexibility for a securities broker. This reduces refinancing and solvency risk during market downturns, supports underwriting and market-making capacity, and preserves optionality for dividends or strategic investments.
Read all positive factors
Marusan Securities Co., Ltd. (8613) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥80.88B
Dividend Yield5.76%
Average Volume (3M)219.31K
Price to Earnings (P/E)16.0
Beta (1Y)0.75
Revenue Growth18.06%
EPS Growth17.31%
CountryJP
Employees1,112
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)57.32
Shares Outstanding67,398,260
10 Day Avg. Volume174,560
30 Day Avg. Volume219,313
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)1.29
Price to Sales (P/S)2.97
P/FCF Ratio8.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Marusan Securities Co., Ltd. Business Overview & Revenue Model
Company Description
Marusan Securities Co., Ltd. engages in the financial products trading business in Japan. It is involved in buying and selling securities, market and foreign market derivative transactions; brokerage and brokerage agency financial instruments exch...
How the Company Makes Money
Marusan Securities primarily makes money through securities-related fees and trading income generated from its client-facing brokerage business and related financial services. Key revenue streams typically include (1) brokerage commissions and fee...
Marusan Securities Co., Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.13B | 22.26B | 18.85B | 18.61B | 14.93B | 18.67B |
| Gross Profit | 19.41B | 21.16B | 19.61B | 18.55B | 14.87B | 18.60B |
| EBITDA | 5.64B | 7.52B | 5.32B | 4.15B | 901.00M | 3.72B |
| Net Income | 3.81B | 5.01B | 3.79B | 2.92B | 778.00M | 2.83B |
Balance Sheet | ||||||
| Total Assets | 73.50B | 88.49B | 73.50B | 84.08B | 67.60B | 90.84B |
| Cash, Cash Equivalents and Short-Term Investments | 31.50B | 38.71B | 31.50B | 36.42B | 33.97B | 29.68B |
| Total Debt | 1.78B | 1.35B | 2.02B | 3.14B | 3.01B | 4.16B |
| Total Liabilities | 24.36B | 37.03B | 24.36B | 31.55B | 21.52B | 43.75B |
| Stockholders Equity | 49.01B | 51.44B | 49.01B | 52.52B | 46.09B | 47.13B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 8.06B | -1.10B | 6.99B | 10.64B | -1.14B |
| Operating Cash Flow | 0.00 | 9.29B | -160.00M | 7.56B | 10.99B | -371.00M |
| Investing Cash Flow | 0.00 | -549.00M | 509.00M | -734.00M | -4.60B | -911.00M |
| Financing Cash Flow | 0.00 | -4.89B | -5.05B | -1.89B | -1.56B | -2.05B |
Marusan Securities Co., Ltd. Technical Analysis
Positive
1015.00
Price Trends
1085.88
Positive
1060.70
Positive
1014.96
Positive
Market Momentum
22.21
Negative
62.14
Neutral
52.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8613, the sentiment is Positive. The current price of 1015 is below the 20-day moving average (MA) of 1134.20, below the 50-day MA of 1085.88, and above the 200-day MA of 1014.96, indicating a bullish trend. The MACD of 22.21 indicates Negative momentum. The RSI at 62.14 is Neutral, neither overbought nor oversold. The STOCH value of 52.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8613.
Marusan Securities Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥98.54B | 8.45 | ― | 5.75% | 38.76% | 64.54% | |
75 Outperform | ¥80.88B | 15.99 | 10.18% | 6.15% | 18.06% | 17.31% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ¥246.41B | 8.07 | ― | 4.01% | 38.46% | 176.98% | |
65 Neutral | ¥269.65B | 14.83 | 19.66% | 5.13% | 43.71% | 73.74% | |
57 Neutral | ¥46.32B | 9.00 | ― | 4.86% | 21.70% | 93.38% | |
56 Neutral | ¥176.59B | 16.24 | 8.98% | 4.18% | 17.45% | ― |
* Financial Sector Average
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Marusan Securities Co., Ltd. Corporate Events
Marusan Securities Grants Treasury-Backed Share Options to Employees
Jul 30, 2026
Marusan Securities Co., Ltd. has approved the issuance of share acquisition rights as share options to 222 employees, totaling 3,520 units linked to 352,000 common shares. The move is designed to strengthen employee motivation and morale by more c...
Marusan Securities Enhances Shareholder Benefits to Reward Long-Term Investors
Jul 30, 2026
Marusan Securities Co., Ltd. has approved partial changes to its shareholder benefit program, introducing an enhanced reward structure and new continuous holding requirements. The program, designed to express gratitude and foster better understand...
Marusan Securities Boosts and Extends Special Dividend to Support ROE Goals
Jul 30, 2026
Marusan Securities has revised its special dividend payment policy, extending the program by one year to cover the fiscal year ending March 31, 2029, in line with the final year of its Medium-Term Management Plan. The company will now pay a unifor...
Marusan Securities Posts Strong Q1 FY2026 Results and Hikes Dividend Outlook
Jul 30, 2026
Marusan Securities reported a strong start to the fiscal year, with operating revenue rising 43.2% year-on-year to ¥6,251 million and net operating revenue up 43.3% to ¥6,243 million for the three months ended June 30, 2026. Ordinary pro...
Marusan Securities Finalizes Restricted Stock Compensation Disposal
Jul 17, 2026
Marusan Securities Co., Ltd. has completed the payment procedures for the disposal of treasury shares used in its restricted stock compensation plan. The transaction reflects the company’s continued use of equity-based incentives to align ma...
Marusan Securities Posts Sharp Profit Surge in First-Quarter Preliminary Results
Jul 16, 2026
Marusan Securities Co., Ltd., a Tokyo Stock Exchange Prime Market-listed securities firm, reported strong preliminary results for the three months ended June 30, 2026, under Japanese GAAP. The company focuses on brokerage and investment-related se...
Marusan Securities to Overhaul Governance Rules and Board Structure
May 15, 2026
Marusan Securities plans to amend its Articles of Incorporation following a board resolution, with the changes to be submitted to shareholders at the June 19, 2026 annual meeting. The company will remove the cap on the number of representative dir...
Marusan Securities Renews and Strengthens Takeover Defense Measures
May 15, 2026
Marusan Securities has resolved to renew and partially revise its takeover defense measures ahead of the June 19, 2026 shareholders’ meeting, where the current scheme is set to expire. The refreshed countermeasures extend the final response ...
Marusan Securities to Modernize Governance With Amendments to Articles of Incorporation
May 15, 2026
Marusan Securities Co., Ltd. plans to revise its Articles of Incorporation to streamline its governance structure by altering officer titles and eliminating certain special director designations. The changes, which include retitling the chair and ...
Marusan Securities Renews and Strengthens Takeover Defense Measures
May 15, 2026
Marusan Securities has resolved to renew and partially revise its takeover defense measures ahead of the June 19, 2026 shareholders’ meeting, when the current plan expires. The company’s board, with all four corporate auditors present ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.