SMBC Nikko
SMBC Nikko Securities Inc.
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.
Company history
Its roots are Kawashimaya Shoten, founded in July 1918, and Nikko Securities, set up by the Industrial Bank of Japan in 1920; Kawashimaya Securities and Nikko merged in 1944 under the Nikko name. Renamed Nikko Cordial Securities in 2001, it became a Citigroup subsidiary in 2007, passed to Sumitomo Mitsui Banking Corporation in October 2009 and took its current name in April 2011. A wholesale Japanese equities joint venture with Jefferies is scheduled to begin operations in January 2027.
- 1918Kawashimaya Shoten founded
- 1944Kawashimaya Securities and Nikko Securities merge under Nikko name
- 2007Nikko Cordial becomes a Citigroup subsidiary
- 2009Acquired by Sumitomo Mitsui Banking Corporation
- 2011Renamed SMBC Nikko Securities
- 2025Agrees wholesale Japanese equities joint venture with Jefferies
Research
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. 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.
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 SMBCSouthern Missouri Bancorp, Inc. | — | $66 |
Analysts24M
- Andrew LieschSMBC1
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| Southern Missouri Bancorp, Inc.SMBC | Target | $66 | Oct 30, 2024 | |
 Sarepta Therapeutics, Inc.SRPT | Reiterate | Outperform | Apr 26, 2023 | |
 Alnylam Pharmaceuticals, Inc.ALNY | Reiterate | Neutral | Apr 26, 2023 | |
 Shift4 Payments, Inc.FOUR | Upgrade | Neutral →Outperform | Apr 11, 2023 | |
 Toast, Inc.TOST | Downgrade | Outperform →Neutral | Feb 17, 2023 | |
 Check Point Software Technologies Ltd.CHKP | Downgrade | Neutral →Underperform | Feb 16, 2023 | |
 Bill.com Holdings, Inc.BILL | Downgrade | Outperform →Neutral | Feb 3, 2023 | |
 PayPal Holdings, Inc.PYPL | Downgrade | Neutral →Underperform | Jan 18, 2023 | |
 Okta, Inc.OKTA | Reiterate | Outperform | $90 | Jan 4, 2023 |
| APAppian CorporationAPPN | Reiterate | Neutral | $37 | Dec 21, 2022 |
References
- History - SMBC Nikko Securitiessmbcnikko.co.jp
- SMBC Nikko Securities - The 20-Year History of SMBC Groupsmfg.co.jp
- SMBC Group and Jefferies Announce Wholesale Japanese Equities Joint Venture (2025)smbc.co.jp
- Japan Equity Research - SMBC Group Americassmbcgroup.com
- Investors Turned to These Research Firms as Japan Entered a Recession - Institutional Investor (2024)institutionalinvestor.com
- SMBC Nikko Quarterly Economic Outlook (rating definitions, 2026)smbcnikko.co.jp