Daiwa Capital Markets
Daiwa Capital Markets is the brand used by Tokyo-based Daiwa Securities Group for its overseas wholesale businesses, including the New York broker-dealer Daiwa Capital Markets America. Its analysts cover Japanese, other Asian and US equities.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 3712M
- Actions
- 5812M
- Ratings / Price targets
- 25 / 33
- Upgrades / Downgrades
- 12 / 9
- Initiations
- 2
- Buy-rated
- 67%of 21 rated
- Median upside
- +11.1%
- Targets raised / lowered
- 10 / 4
- On record
- Mar 2013 – Sep 2026
Overview
Daiwa Capital Markets America's research division covers technology (IT hardware, software and internet), consumer and retail, autos and capital goods, financials, healthcare and media, and the firm distributes Daiwa's Japanese and Pan-Asian research to North American institutions.
Daiwa traces its origins to Fujimoto Bill Broker, which began operating in 1902; Daiwa Securities was formed in 1943 by the merger of Fujimoto Securities and Nippon Trust Bank, and a New York subsidiary followed in 1964. In 1999 it became holding company Daiwa Securities Group and placed wholesale operations in a joint venture with Sumitomo Bank. After the venture was dissolved, the wholesale arm was renamed Daiwa Securities Capital Markets in 2010 and merged into Daiwa Securities in 2012.
Milestones
- 1902
Fujimoto Bill Broker begins operating
- 1943
Daiwa Securities formed by merger with Nippon Trust Bank
- 1964
New York subsidiary established
- 1999
Holding company Daiwa Securities Group created
- 2012
Wholesale arm Daiwa Securities Capital Markets merged into Daiwa Securities
Firm facts
- Type
- Full-service
- Founded
- 1902
- Headquarters
- Tokyo, Japan
- Parent
- Daiwa Securities Group Inc.
- Listing
- Tokyo Stock Exchange: 8601
- President and CEO, Daiwa Securities Group
- Akihiko Ogino
- Chairman and CEO, Daiwa Capital Markets America
- Keiji Machida
- Rating scale
- BuyOutperformNeutralUnderperformSell12 months
- Also filed as
- Daiwa · Daiwa Capital · Daiwa Securities
- Website
- daiwa-grp.jp
Research philosophy
As one of Japan’s most venerable equities research bodies, Daiwa Securities Group’s Research Division continues to uphold its tradition of fundamentals-focused analysis.
Daiwa says its company and industry reports draw on detailed earnings models and extensive company interviews. Analysts and strategists in Japan and overseas collaborate on special reports. As of 2026, an ESG Research Section within the Equity Research Department evaluates financial and non-financial information together. Daiwa Capital Markets America says it aims to assess investments from its clients' perspective.
Rating methodology
Daiwa uses five ratings: 1 (Buy), 2 (Outperform), 3 (Neutral/Hold), 4 (Underperform) and 5 (Sell). Buy indicates an expected return more than 15% above the local benchmark, Outperform 5–15% above it, and Neutral/Hold within 5% of it. The rating horizon has been 12 months since January 2015, when it was extended from six months.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 JD.com, Inc.JD | Neutral | $27 |
 PDD Holdings Inc.PDD | Neutral | $80 |
 Apple Inc.AAPL | Outperform | $275 |
 Advanced Micro Devices, Inc.AMD | Outperform | $500 |
 QUALCOMM IncorporatedQCOM | Outperform | $225 |
 ACM Research, Inc.ACMR | Buy | $136 |
 Alibaba Group Holding LimitedBABA | Neutral | $175 |
 Bloom Energy CorporationBE | — | $324 |
 HUTCHMED (China) LimitedHCM | Buy | $18.50 |
 Honeywell International Inc.HON | Outperform | $255 |
Most active analysts
- Narumi Nakagiri4 notesLLYBMYPFE
- Kazuya Nishimura2 notesMAMCO
- Louis Miscioscia2 notesAVGOQCOM
- Jonathan Kees2 notesFSLRTMUS
- Bintuo Ni1 notesACMR
- John Choi1 notesBIDU
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 3 | HUTCHMED (China) LimitedHCM | Upgrade | Buy | $18.50 | Jing Yang |
| Aug 25 | ACM Research, Inc.ACMR | Initiate | Buy | $136 | Bintuo Ni |
| Aug 18 | TPTapestry, Inc.TPR | Upgrade | Outperform | $140 | |
| Aug 12 | Apple Inc.AAPL | Upgrade | Outperform | ||
| Aug 12 |  Intuitive Surgical, Inc.ISRG | Upgrade | Outperform | ||
| Aug 12 |  Merck & Co., Inc.MRK | Upgrade | Neutral →Outperform | $143 | |
| Jul 22 | JPJP | Upgrade | Neutral | ||
| Jul 2 |  Space Exploration Technologies Corp.SPCX | Target | $175 |