Daiwa Capital Markets
Daiwa Capital Markets is the overseas wholesale brand of Tokyo-based Daiwa Securities Group, including New York broker-dealer Daiwa Capital Markets America; its analysts cover Japanese, Asian and US equities.
Company history
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.
- 1902Fujimoto Bill Broker begins operating
- 1943Daiwa Securities formed by merger with Nippon Trust Bank
- 1964New York subsidiary established
- 1999Holding company Daiwa Securities Group created
- 2012Wholesale arm Daiwa Securities Capital Markets merged into Daiwa Securities
Research
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. Stocks are rated 1 (Buy: more than 15% above the local benchmark), 2 (Outperform: 5–15%), 3 (Neutral/Hold: within 5%), 4 (Underperform) or 5 (Sell) over 12 months, a horizon used since January 2015 after six months previously.
Coverage12M
- Stocks
- 37
- Ratings
- 25
- Price targets
- 33
- Median upside
- +11.1%
- Upgrades
- 12
- Downgrades
- 9
- Initiations
- 2
- Reiterations
- 2
- Targets raised
- 10
- Targets cut
- 4
- Positive67%14
- Neutral33%7
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 JDJD.com, Inc. | Neutral | $27 |
 PDDPDD Holdings Inc. | Neutral | $80 |
 AAPLApple Inc. | Outperform | $275 |
 AMDAdvanced Micro Devices, Inc. | Outperform | $500 |
 QCOMQUALCOMM Incorporated | Outperform | $225 |
 ACMRACM Research, Inc. | Buy | $136 |
 BABAAlibaba Group Holding Limited | Neutral | $175 |
 BEBloom Energy Corporation | — | $324 |
 HCMHUTCHMED (China) Limited | Buy | $18.50 |
 HONHoneywell International Inc. | Outperform | $255 |
Analysts24M
- Narumi NakagiriLLY · BMY · PFE4
- Kazuya NishimuraMA · MCO2
- Louis MisciosciaAVGO · QCOM2
- Jonathan KeesFSLR · TMUS2
- Bintuo NiACMR1
- John ChoiBIDU1
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| HUTCHMED (China) LimitedHCM | Upgrade | Buy | $18.50 | Sep 3 |
| ACM Research, Inc.ACMR | Initiate | Buy | $136 | Aug 25 |
| TPTapestry, Inc.TPR | Upgrade | Outperform | $140 | Aug 18 |
| Apple Inc.AAPL | Upgrade | Outperform | Aug 12 | |
 Intuitive Surgical, Inc.ISRG | Upgrade | Outperform | Aug 12 | |
 Merck & Co., Inc.MRK | Upgrade | Neutral →Outperform | $143 | Aug 12 |
| JPJP | Upgrade | Neutral | Jul 22 | |
 Space Exploration Technologies Corp.SPCX | Target | $175 | Jul 2 |
Similar coverage12M
References
- Corporate History | Daiwa Securities Groupdaiwa-grp.jp
- Daiwa Capital Markets America Celebrates 60 Years (January 2026)us.daiwacm.com
- Daiwa Capital Markets America Inc. homepageus.daiwacm.com
- Equities Division - Daiwa Capital Markets Americaus.daiwacm.com
- Daiwa research rating disclaimerdrp.daiwa.co.jp
- Group Management System | Daiwa Securities Groupdaiwa-grp.jp