J P M O R G A N Asia Pacific Equity Research 23 June 2026 Daiwa Securities Group (8601) Monitoring post-acquisition synergies with ORIX Bank, maintain Neutral rating We revise our price target through December 2026 from ¥1,520 to ¥1,720 and maintain our Neutral rating. We change our valuation base year from FY2026 to FY2027 and lower our target P/E from 12x to 11x. We use the same target P/E that we use for Nomura Holdings (8604). We expect the ORIX Bank acquisition to contribute positively to profit levels ...