SMBC Nikko
SMBC Nikko Securities is the Tokyo-based securities arm of Sumitomo Mitsui Financial Group and the successor to Nikko Securities, once one of Japan's Big Four brokers. Its equity research concentrates on Japanese companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Feb 2020 – Oct 2024
Overview
The Japan equity team lists 54 publishing analysts, economists and strategists covering more than 500 companies, about 80% of TOPIX market capitalisation, as of 2026. It placed third in Institutional Investor's All-Japan Research Team in 2023 and 2024. In October 2022 the firm hired a former Nomura Asset Management portfolio manager to oversee product quality.
SMBC Nikko traces its roots to Kawashimaya Shoten, founded in July 1918, and Nikko Securities, established by the Industrial Bank of Japan in 1920. Kawashimaya Securities and Nikko merged under the Nikko name in 1944. Renamed Nikko Cordial Securities in 2001, the firm became a Citigroup subsidiary in 2007, was acquired by Sumitomo Mitsui Banking Corporation in October 2009 and adopted its current name in April 2011. A wholesale Japanese equities joint venture with Jefferies is scheduled to begin operations in January 2027.
Milestones
- 1918
Kawashimaya Shoten founded
- 1944
Kawashimaya Securities and Nikko Securities merge under Nikko name
- 2007
Nikko Cordial becomes a Citigroup subsidiary
- 2009
Acquired by Sumitomo Mitsui Banking Corporation
- 2011
Renamed SMBC Nikko Securities
- 2025
Agrees wholesale Japanese equities joint venture with Jefferies
Firm facts
- Legal name
- SMBC Nikko Securities Inc.
- Type
- Full-service
- Founded
- 1918
- Headquarters
- Tokyo, Japan
- Parent
- Sumitomo Mitsui Financial Group
- Listing
- NYSE: SMFG
- President and Chief Executive Officer
- Shuji Yoshioka
- Rating scale
- OutperformNeutralUnderperform6 to 12 months
- Website
- smbcnikko.co.jp
Research philosophy
We work hard and smart to deliver non-consensus thinking and insights to our clients.
As of 2026, SMBC Nikko says its sector analysts use detailed fundamental analysis to look for corporate value that the market has yet to recognize. Takaaki Muramatsu, then its director of research, said in 2023 that the firm put analyst and product quality ahead of volume and was publishing more thematic cross-sector reports.
Rating methodology
Stocks are rated 1-Outperform, 2-Neutral or 3-Underperform against the median return of the analyst's coverage universe over six to 12 months.
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Southern Missouri Bancorp, Inc.SMBC | — | $66 |
Most active analysts
- Andrew Liesch1 notesSMBC
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Oct 30, 2024 | Southern Missouri Bancorp, Inc.SMBC | Target | $66 | Andrew Liesch | |
| Apr 26, 2023 |  Sarepta Therapeutics, Inc.SRPT | Reiterate | Outperform | ||
| Apr 26, 2023 |  Alnylam Pharmaceuticals, Inc.ALNY | Reiterate | Neutral | ||
| Apr 11, 2023 |  Shift4 Payments, Inc.FOUR | Upgrade | Neutral →Outperform | ||
| Feb 17, 2023 |  Toast, Inc.TOST | Downgrade | Outperform →Neutral | ||
| Feb 16, 2023 |  Check Point Software Technologies Ltd.CHKP | Downgrade | Neutral →Underperform | ||
| Feb 3, 2023 |  Bill.com Holdings, Inc.BILL | Downgrade | Outperform →Neutral | ||
| Jan 18, 2023 |  PayPal Holdings, Inc.PYPL | Downgrade | Neutral →Underperform | ||
| Jan 4, 2023 |  Okta, Inc.OKTA | Reiterate | Outperform | $90 | |
| Dec 21, 2022 | APAppian CorporationAPPN | Reiterate | Neutral | $37 |