Japan Securities Finance Co., Ltd. · TSE:8511
Japan Securities Finance — Q2 FY2014 Earnings Presentation
31 slides from Japan Securities Finance's earnings presentation, May 2015
Slide 1: Slide 1
Slide 2: Slide 2
Slide 3: 2Q results summary
143 153 143 153 2Q 2Q 2Q 2Q 7,809 8,546 737 9,303 10,107 803 6,428 6,500 71 7,923 8,061 138 3,550 4,043 492 4,150 4,629 479 2,206 1,997 209 2,806 2,583 223 3,330 3,465 134 4,184 3,719 465 110 790 927 1,037 (11.9%) 968 1,758 81.6% 89 72 162 310 1,004 1,191 1,501 (26.0%) 1,226 2,230 81.9% 4,350 22 4,3
Slide 4: Income statement
14 3 15 3 2Q 2Q 7,792 8,534 4,196 4,627 (45.1%) (45.8%) 1,946 1,589 177 287 1,748 2,470 1,380 2,046 368 424 848 1,043 (9.1%) (10.3%) 466 634 161 134 1,149 1,180 (12.3%) (11.7%) 167 314 982 865 1,597 1,683 (17.2%) (16.7%) 1,540 1,625 1,075 1,126 (11.6%) (11.1%) 184 105 229 258 649 746 436 446 (4.7%)
Slide 5: Loan balances and yield
1Q 2Q 14 3 15 3 2Q 2Q 4,196 4,627 10.3% 2014 4,069 1,983 0.64% 1,946 1,589 18.4% 660 294 0.13% 177 287 61.8% 1,748 2,470 41.3% 1,380 2,046 48.2% 2013 4,729 1,689 0.77% 368 424 15.3% 8,000 2.5% 2013 2014 7,000 4,729 4,069 1,689 1,983 2.0% 6,000 0.77% 5,000 0.64% 1.5% 4,000 3,000 1.0% 2,000 0.5% 1
Slide 6: Japan Securities Finance Co.,Ltd
2 3 14 3 15 3 2Q 2Q 4,184 3,719 465 134 ― 134 ― 410 410 Japan Securities Finance Co.,Ltd 6
Slide 7: Japan Securities Finance Co.,Ltd
100% 100% 20.0% 20.8% 2015 3 2 10,107 2,230 1,865 4,986 - 8,546 1,501 1,236 5,082 100% 1,664 617 609 ▲235 100% 643 327 236 159 - 72 Japan Securities Finance Co.,Ltd 7
Slide 8: 2Q 2Q Japan Securities Finance Co.,Ltd
143 153 2Q 2Q Japan Securities Finance Co.,Ltd 8
Slide 9: Forecast
20153 2014 20153 () 20143 3,000 700 2,400 3,200 2,700 6,211 (200) (300) (200) 喰 1,200 1,500 2,100 1,800 5,692 (300) (400) (300) 4,200 1,900 670 660 ― ( 0 300 (+ 120) (+ 150) 450 510 340 2014 ( ) ( 0) ( 0) 2,872 786 0.64 268 6 0.770.64 0% 喰 0.40 1,197 4,069 1,983 Japan Securities Finance Co.,Ltd 9
Slide 10: Slide 10
Slide 11: Japan Securities Finance Co.,Ltd
6.0 60% 5.0 50% 4.0 40% 3.0 30% 2.0 20% 1.0 10% 0.0 0% 1.2 90% 80% 1.0 70% 0.8 60% 50% 0.6 40% 0.4 30% 20% 0.2 10% 0.0 0% Japan Securities Finance Co.,Ltd 11
Slide 12: Japan Securities Finance Co.,Ltd
(2013 4 201410 Japan Securities Finance Co.,Ltd 12
Slide 13: 1. 2,400 2,200 2,107 2,059 2. 2,000 1,991 1,800 1,708 (158) 1,657 1,683 1,682
1. 2,400 2,200 2,107 2,059 2. 2,000 1,991 1,800 1,708 (158) 1,657 1,683 1,682 1,600 (143) (155) (103) (108) (111) (117) 1,400 3. [10] [10] [10] [10] [10] [10] [10] 1,200 HP 1,000 11 9 12 3 12 9 13 3 13 9 14 3 14 9 4. Japan Securities Finance Co.,Ltd 13
Slide 14: Japan Securities Finance Co.,Ltd
1. 2. 3. 4. Japan Securities Finance Co.,Ltd 14
Slide 15: Dividends and DOE
(DOE) 20153 147 7 2014 2008 2009 2010 2011 2012 2013 20 14 14 14 14 14 14 10 7 7 7 7 7 7 10 7 7 7 7 7 7 80.3 38.6 37.7 8.4 19.1 60.4 25.9 - 36.5% 37.1% 166.3% 73.3% 23.2% 54.0% DOE 1.7% 1.2% 1.2% 1.2% 1.2% 1.2% 1.1% 28.3 27.0 17.3 13.2 11.0 55.3 17.3 70.7% 51.9% 80.7% 106.0% 127.1% 25.3% 81.0% Jap
Slide 16: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 16
Slide 17: Slide 17
Slide 18: Income statement trend
14 3 15 3 10 3 11 3 12 3 13 3 14 3 2Q 2Q 20,817 17,558 15,186 14,093 7,792 16,363 8,534 12,954 8,922 6,756 6,625 4,196 9,240 4,627 (46.5%) (39.0%) (33.4%) (37.5%) (45.1%) (47.2%) (45.8%) 3,324 2,809 1,783 1,760 1,946 4,012 1,589 1,774 826 639 652 177 436 287 7,337 4,807 3,957 3,746 1,748 4,132 2,470
Slide 19: Balance sheet trend
2009 2010 2011 2012 2013 2013 2014 2Q 2Q 324,205 293,429 218,059 214,164 472,976 490,635 406,931 328,755 305,083 241,035 502,322 569,353 601,206 445,464 46,863 45,850 50,893 55,865 139,032 157,232 198,979 51,448 39,782 96,488 122,011 156,346 201,076 237,544 17,173 18,405 20,330 18,472 35,172 36,223
Slide 20: Japan Securities Finance Co.,Ltd
2014 2016 Japan Securities Finance Co.,Ltd 20
Slide 21: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 21
Slide 22: Japan Securities Finance Co.,Ltd
捗 Japan Securities Finance Co.,Ltd 22
Slide 23: Japan Securities Finance Co.,Ltd
喰 喰 Japan Securities Finance Co.,Ltd 23
Slide 24: Interest rate trends
20067 O/N 0.25% 20072 O/N 0.50% 0.64% 200810O/N 0.30% 0.20% 0.40% 200812O/N 0.10% 0.20% 201010O/N 00.10% 0.100% 20134 0% 1.2% 2006 727 0.74%+0.14% 2006 922 0.86%+0.12% 1.0% 2007 315 1.02%+0.16% 0.8% 2007 4 5 1.11%+0.09% 0.6% 2009 129 0.97%0.14% 0.4% 20101122 0.77%0.20% 2014
Slide 25: Policy rate history
10.0% 9.0% 8.75% 8.0% 鞘 7.0% 6.0% 2014 8 5.00% 5.0% 1993 9 2010 11 4.0% 3.75% 3.0% 2002 5 2009 1 2.0% 1.17% 1.0% 1.04% 0.0% 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Japan Securities Finance Co.,Ltd 25
Slide 26: Japan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd 26
Slide 27: Japan Securities Finance Co.,Ltd
10 2,000 13 9 14 3 14 9 (2.69) (2.33) 1,173,933 955,037 1,011,979 1,500 1 472,803 270,656 382,492 (1.69) 1 701,130 684,381 629,486 1,000 701 ( 15 ) 150,752 150,543 150,210 629 684 5,890 6,908 8,092 500 ( ) (1.69) (2.69) (2.33) 473 382 271 - 13 9 14 3 14 9 10 13 9 14 3 14 9 500 375,273 418,036 459,33
Slide 28: Funding composition
13 9 14 3 14 9 13 9 14 3 14 9 375,273 418,036 459,336 20,828 31.7% 15,809 24.7% 12,639 23.3% 20,001 15,133 185,096 0 0.0% 0 0.0% 0 0.0% 355,272 402,902 274,239 240 0.4% 192 0.3% 144 0.3% 80,524 76,860 64,707 468 0.7% 367 0.6% 0 0.0% 152,318 138,682 131,403 0 0.0% 0 0.0% 0 0.0% 4 4 4 640 1.0% 0 0.0%
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Slide 30: Credit ratings
JCR R&I Standard & Poor’s 2014930 Rating Outlook Rating Outlook Rating Outlook AA- AA- A J-1+ a-1+ A-1 CP 1 1 ― A+ A+ ― ― J-1+ a-1 ― ― Japan Securities Finance Co.,Ltd 30
Slide 31: Japan Securities Finance Co.,Ltd
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