Marusan Securities Co., Ltd. (8613) AI Stock Analysis

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Marusan Securities Co., Ltd.

(TSE/TYO:8613)

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Rating:69Neutral

Price Target:JPY 1,257.00▲(4.84% Upside)

Action:downgraded

Date:11/07/26

The score is primarily supported by improving profitability and a low-leverage balance sheet, plus attractive shareholder yield at a moderate P/E. These positives are tempered by uneven cash-flow history and currently soft technical momentum (negative MACD and price below key moving averages).

Positive Factors

Improving profitabilityThe substantial improvement in net margin and net income shows stronger recent earnings capacity and better conversion of revenue into profit. If maintained, this provides more internal resources for shareholder returns, business investment, and resilience through normal market cycles.

Negative Factors

Market-sensitive revenueThe uneven revenue pattern indicates material sensitivity to market conditions and customer activity, which are central to brokerage and investment-product distribution. Such cyclicality can make future earnings less predictable and may limit the reliability of recent growth when market participation weakens.

Marusan Securities Co., Ltd. (8613) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 78.95B
Dividend Yield: 6.23%
Average Volume (3M): 239.19K
Price to Earnings (P/E): 14.2
Beta (1Y): 0.62
Revenue Growth: 20.63%
EPS Growth: 21.84%
Country: Japan
Employees: 1,098
Sector: Financial
Sector Strength: 68
Industry: Investment - Banking & Investment Services

Marusan Securities Co., Ltd. Business Overview & Revenue Model

Company Description

Marusan Securities Co., Ltd. engages in the financial products trading business in Japan. It is involved in buying and selling securities, market and foreign market derivative transactions; brokerage and brokerage agency financial instruments exchang...

How the Company Makes Money

Marusan Securities primarily makes money through securities-industry fee and trading income generated from serving individual (retail) investors. Key revenue streams typically include: (1) Brokerage commissions: fees earned for executing customers’ b...

Marusan Securities Co., Ltd. Financial Statement Overview

Summary

Earnings improved materially into the latest period (net margin rising to ~23% and net income increasing to ~¥5.01B), supported by a conservatively levered balance sheet (low debt-to-equity and sizable equity base). Offsetting factors are pronounced revenue/cycle sensitivity and uneven cash generation, with operating cash flow and free cash flow swinging between positive and negative across years, reducing confidence in earnings quality consistency.

Income Statement

74Positive

Balance Sheet

82Very Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	6.25B	22.26B	18.85B	18.61B	14.93B	18.67B
Gross Profit	5.99B	21.16B	19.61B	18.55B	14.87B	18.60B
EBITDA	11.24B	7.52B	5.32B	4.15B	901.00M	3.72B
Net Income	1.41B	5.01B	3.79B	2.92B	778.00M	2.83B
Balance Sheet
Total Assets	102.86B	88.49B	73.50B	84.08B	67.60B	90.84B
Cash, Cash Equivalents and Short-Term Investments	46.34B	38.71B	31.50B	36.42B	33.97B	29.68B
Total Debt	1.42B	1.35B	2.02B	3.14B	3.01B	4.16B
Total Liabilities	49.50B	37.03B	24.36B	31.55B	21.52B	43.75B
Stockholders Equity	53.36B	51.44B	49.01B	52.52B	46.09B	47.13B
Cash Flow
Free Cash Flow	8.81B	8.06B	-1.10B	6.99B	10.64B	-1.14B
Operating Cash Flow	8.81B	9.29B	-160.00M	7.56B	10.99B	-371.00M
Investing Cash Flow	0	-549.00M	509.00M	-734.00M	-4.60B	-911.00M
Financing Cash Flow	0	-4.89B	-5.05B	-1.89B	-1.56B	-2.05B

Marusan Securities Co., Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price1199.00

Price Trends

50DMA1217.80Negative

100DMA1165.98Positive

200DMA1087.67Positive

Market Momentum

MACD-8.36Negative

RSI53.59Neutral

STOCH77.08Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8613, the sentiment is Positive. The current price of 1199.00 is above the 20-day moving average (MA) of 1174.55, below the 50-day MA of 1217.80, and above the 200-day MA of 1087.67, indicating a neutral trend. The MACD of -8.36 indicates Negative momentum. The RSI at 53.59 is Neutral, neither overbought nor oversold. The STOCH value of 77.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8613.

Marusan Securities Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

JP:8613 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:8628	76Outperform	JPY 259.63B	13.41	23.59%	5.21%	46.94%	77.06%
JP:8609	72Outperform	JPY 225.20B	7.82	―	3.93%	35.90%	141.48%
JP:8707	69Neutral	JPY 86.79B	7.35	―	6.04%	33.17%	48.82%
JP:8613	69Neutral	JPY 78.95B	14.22	10.64%	6.23%	20.63%	21.84%
Sector *	68Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
JP:8614	65Neutral	JPY 44.92B	8.84	―	4.69%	20.31%	84.22%
JP:8698	64Neutral	JPY 146.53B	31.08	3.80%	5.20%	3.80%	―

* Financial Sector Average

Performance Comparison

JP:8613 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:8613	Marusan Securities Co., Ltd.	1199.00	308.38	34.63%
JP:8698	Monex Group	592.00	-130.80	-18.10%
JP:8628	Matsui Securities Co	1017.00	253.30	33.17%
JP:8609	Okasan Securities Group Inc.	1048.00	372.81	55.22%
JP:8614	Toyo Securities Co., Ltd.	647.00	103.97	19.15%
JP:8707	IwaiCosmo Holdings, Inc.	3810.00	1050.81	38.08%

Marusan Securities Co., Ltd. Corporate Events

Marusan Securities Confirms Higher Interim Dividend and Extends Special Payout Program

Oct 29, 2026

Marusan Securities Co., Ltd. is a Japanese financial services firm listed on the Tokyo Stock Exchange Prime Market under securities code 8613. The company operates in the securities industry, focusing on brokerage and investment services, and emphasi...

Marusan Securities Delivers Strong Mid-Year Earnings and Boosts Dividend Payout

Oct 29, 2026

Marusan Securities Co., Ltd. reported a strong increase in non-consolidated operating revenue for the six months ended September 30, 2026, with operating revenue rising 25.0% year on year and net operating revenue up 25.1%. Operating profit grew 46.4...

Marusan Securities Posts Strong Preliminary Earnings for First Half of FY2026

Oct 16, 2026

Marusan Securities reported preliminary financial results for the six months ended September 30, 2026, showing operating revenue of ¥11,991 million and profit of ¥2,855 million. These figures represent solid year-on-year growth, with operating revenu...

Marusan Securities Confirms Provisional Interim Dividend and Extends Special Payout Plan

Sep 15, 2026

Marusan Securities has provisionally set an interim dividend of 36 yen per share for the fiscal year ending March 31, 2027, comprising an ordinary dividend of 21 yen and a special dividend of 15 yen as of the September 30, 2026 record date. The final...

Marusan Securities Finalizes Terms for Employee Share Option Issuance

Aug 17, 2026

Marusan Securities has set the final terms for a new issuance of share acquisition rights, structured as share options, following a July 30 board resolution. The program covers 3,520 rights tied to 352,000 common shares, and is allocated entirely to...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 07, 2026

Marusan Securities Co., Ltd. AI Stock Analysis