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Marusan Securities Co., Ltd.
(8613)
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Rating:75Outperform
Price Target:
¥1,176.00
▲(15.86% 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
A low debt-to-equity profile and a substantial equity base provide enduring financial flexibility. This supports underwriting, market-making and dividend policy through downturns, reduces refinancing risk, and allows opportunistic M&A or buybacks without stressing liquidity over a multi‑month to multi‑year horizon.
Negative Factors
Market-cycle sensitive revenue and profits
Heavy reliance on trading volumes and capital-markets activity makes top-line and earnings vulnerable to prolonged market slowdowns. Over a 2–6 month horizon, this structural cyclicality can compress fees and underwriting opportunities, weakening revenue predictability and management's ability to commit to sustained payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
A low debt-to-equity profile and a substantial equity base provide enduring financial flexibility. This supports underwriting, market-making and dividend policy through downturns, reduces refinancing risk, and allows opportunistic M&A or buybacks without stressing liquidity over a multi‑month to multi‑year horizon.
Read all positive factors
Marusan Securities Co., Ltd. (8613) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥71.37B
Dividend Yield6.15%
Average Volume (3M)219.31K
Price to Earnings (P/E)14.2
Beta (1Y)0.84
Revenue Growth10.49%
EPS Growth31.92%
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 | 73.36B | 88.48B | 73.36B | 84.08B | 67.60B | 90.89B |
| Cash, Cash Equivalents and Short-Term Investments | 31.50B | 35.59B | 31.50B | 36.42B | 33.97B | 29.68B |
| Total Debt | 1.78B | 1.35B | 2.02B | 3.14B | 3.01B | 4.16B |
| Total Liabilities | 24.35B | 36.93B | 24.35B | 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
1049.04
Positive
1042.40
Positive
991.37
Positive
Market Momentum
5.78
Negative
62.07
Neutral
88.23
Negative
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 1055.55, below the 50-day MA of 1049.04, and above the 200-day MA of 991.37, indicating a bullish trend. The MACD of 5.78 indicates Negative momentum. The RSI at 62.07 is Neutral, neither overbought nor oversold. The STOCH value of 88.23 is Negative, 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 | ¥94.07B | 9.01 | ― | 5.75% | 30.59% | 55.29% | |
75 Outperform | ¥71.37B | 14.20 | 9.22% | 6.15% | 10.49% | 31.92% | |
70 Outperform | ¥217.90B | 9.26 | ― | 4.01% | 21.03% | 85.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | ¥249.09B | 16.14 | 14.00% | 5.13% | 34.33% | 47.34% | |
57 Neutral | ¥43.93B | 10.96 | ― | 4.86% | 10.70% | 63.03% | |
56 Neutral | ¥169.83B | 15.89 | 7.26% | 4.16% | 17.45% | ― |
* Financial Sector Average
JP:8613
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Marusan Securities Co., Ltd. Corporate Events
Marusan Securities Delivers Strong Profit Growth and Higher Dividends for FY2026
Apr 28, 2026
Marusan Securities reported non-consolidated operating revenue of ¥21.7 billion for the fiscal year ended March 31, 2026, up 15.3% year on year, with operating profit surging 51.0% and ordinary profit rising 51.1%. Profit increased 44.0% to &...
Marusan Securities Forecasts Sharp Profit Growth for Fiscal 2026
Apr 15, 2026
Marusan Securities released preliminary financial results for the fiscal year ended March 31, 2026, reporting operating revenue of ¥21,725 million, operating profit of ¥5,375 million, ordinary profit of ¥5,923 million and profit of ...
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.