Added to YB: 2026-04-22
Pitch date: 2026-04-21
8624.T [bullish]
Ichiyoshi Securities Co., Ltd.
Author Info
Aurelion Research is a research analyst with a passion for markets, specializing in high‑conviction ideas across shipping, offshore drilling, and thematic equity research. Sign up for the newsletter.
Company Info
Ichiyoshi Securities Co., Ltd. provides investment and advisory services in Japan. The company manages assets of public and private investment trusts, as well as funds with external asset managers, and funds of funds managed by prominent asset managers.
Market Cap
JPY 40.8B
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
9.28
EV/Sales
N/A
Sector
Capital Markets
Category
growth
4. Ichiyoshi Securities ($8624.T) — Idea #1
8624.T: Tokyo retail broker ($259M mkt cap) transitioning to wealth mgmt model—recurring AUM fees now cover 80% of op costs (vs 60% in '23), nearing 100% breakeven where incremental revenue = pure margin. AUM grew ¥2.26Tn→¥2.6Tn, fund wrap +34% to ¥421Bn. FY25 rev +31%, op income +170% on fixed cost leverage. 14.5% ROE, 1.7x P/B, 11x P/E. New 6.4% yield (50% payout). Re-rate to 14-15x = strong returns.
Read full article (3 min)