Nomura Sinks Faster Than Deutsche Bank as Shareholders Flee
- The stock is valued at a record discount versus global peers
- Investors are skeptical of Nomura’s latest turnaround plan
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Nomura Holdings Inc.’s latest attempt to revamp its international business is falling flat with investors, who’ve never been so downbeat on the stock relative to global peers.
Japan’s largest brokerage has dropped almost 3 percent in Tokyo trading since Chief Executive Officer Koji Nagai unveiled a sweeping overhaul plan on April 4, bringing its six-month slide to 23 percent. That’s the second-biggest decline among major securities firms worldwide after Societe Generale SA, outpacing even notoriously poor performers like Deutsche Bank AG. Nomura’s valuation discount versus global financial companies deepened to 58 percent this week, the widest gap since Bloomberg began tracking the data in 1999.