## Monex Group (8698.T) — filings‑driven deep dive (EDINET + disclosures) ### Executive takeaway Monex Group is effectively a *portfolio of online financial platforms* spanning (1) a large U.S. active‑trader brokerage (TradeStation), (2) a Japan crypto exchange platform (Coincheck), plus (3) growing asset/wealth management bets (3iQ, Westfield) and (4) an investment/ventures sleeve. ["financial instruments trading, cryptocurrency exchange"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["TradeStation Securities, Inc."](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Coincheck Group NV"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["acquisition of 3iQ"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Westfield… affiliate"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) FY2025 (year ended March 31, 2025) results were dominated by crypto‑related listing costs around Coincheck Group NV’s De‑SPAC/Nasdaq listing (stock‑based comp expense and professional fees), which flipped consolidated pre‑tax profit to a loss even though “operating revenue” grew. ["Pre-tax profit (loss)… △ 4,626"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Operating revenue… 73,814"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["stock-based compensation expenses… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- # 1) “Choose your path” map (interactive structure) Pick any module below and I’ll go deeper *without changing sources* (still filings/disclosures): 1) **Earnings engine & financials** (FY2024→FY2025, cash flows, balance sheet) 2) **Segment economics** (Japan vs U.S. vs Crypto vs Investment; then the new 4‑segment model) 3) **Coincheck / crypto exposure** (accounting, custody/security, listing impacts) 4) **Capital allocation** (dividends, buybacks, equity movements) 5) **Risk & controls** (cybersecurity/CSIRT, VaR framework; audit “key matters”) (You don’t need to provide more info; just tell me which module number(s) you want next.) --- # 2) What Monex *is* (business model from filings) ### Operating footprint (FY2025 reporting structure) Monex describes itself as a group primarily engaged in **financial instruments trading**, **cryptocurrency exchange**, and **securities investment**. ["financial instruments trading, cryptocurrency exchange, and securities investment"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) In FY2025 it reports four segments (before the later change discussed below): **Japan**, **US**, **Crypto Asset Business**, **Investment Business**. ["Reportable Segments… Japan… US… Crypto Asset Business… investment business"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ### Portfolio actions that changed the shape of the group **Asia Pacific was removed** from segments after Monex Boom Securities (HK) and two other companies were classified as discontinued operations and sold (share transfer completed Oct 4, 2024). ["\"Asia Pacific\" has been excluded"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["share transfer was completed on October 4, 2024"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) **Monex Securities** became an **equity‑method affiliate** after the NTT Docomo alliance (so its results are not consolidated in the same way as earlier years). ["Monex Securities Inc. became an equity-method affiliate"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ### Segment reporting “reset” (new model) Starting in the interim period ended Sept 30, 2025, Monex revamped reportable segments into: **Securities Business / Crypto Asset Business / Asset Management & Wealth Management / Investment Business**. ["reportable segments have been revamped… \"Securities Business\"… \"Crypto Asset Business\"… \"Asset Management and Wealth Management\"… \"Investment Business\""](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) This is a big tell: management wants investors to view the group as “platform verticals” rather than “geographies.” ["reporting segments… into four segments"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) --- # 3) Financial core (FY2024 vs FY2025) — consolidated view ## 3.1 Income statement highlights (continuing + discontinued) **Units:** JPY million. | Metric | FY2024 (ended Mar 31, 2024) | FY2025 (ended Mar 31, 2025) | |---|---:|---:| | Operating revenue | 65,726 ["Operating revenue… 65,726"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 73,814 ["Operating revenue… 73,814"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Total revenue | 83,855 ["Total Revenue… 83,855"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 79,570 ["Total Revenue… 79,570"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | SG&A | 49,256 ["Selling, general and administrative expenses… 49,256"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 61,325 ["Selling, general and administrative expenses… 61,325"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Other expenses | 1,151 ["Other expenses… 1,151"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 15,485 ["Other expenses… 15,485"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Pre‑tax profit (loss) | 25,324 ["Pre-tax profit (loss)… 25,324"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △4,626 ["Pre-tax profit (loss)… △ 4,626"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Net income (loss) attributable to owners | 31,293 ["Owner of the parent company… 31,293"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △5,067 ["Owner of the parent company… △ 5,067"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | ### What actually happened in FY2025 (the “why”) Monex explicitly calls out **one‑time De‑SPAC listing costs** tied to Coincheck Group NV: * **¥13,714m** stock‑based compensation expense under IFRS 2. ["stock-based compensation expenses… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) * **¥4,531m** professional fees related to the De‑SPAC. ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) A useful mental model: FY2025 consolidated results are “stable brokerage earnings + crypto cycle upside” minus “listing‑related one‑offs,” with the latter dominating reported profit. ["Operating revenue… 12.3% increase"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["one-time… stock-based compensation"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- ## 3.2 Balance sheet snapshot (end of FY2024 vs FY2025) **Units:** JPY million. | Line item | Mar 31, 2024 | Mar 31, 2025 | |---|---:|---:| | Total assets | 761,642 ["Total Assets… 761,642"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 709,641 ["Total Assets… 709,641"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Cash & cash equivalents | 97,935 ["Cash and cash equivalents… 97,935"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 53,467 ["Cash and cash equivalents… 53,467"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Money held in trust | 404,602 ["Money held in trust… 404,602"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 376,787 ["Money held in trust… 376,787"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Inventory | 44,207 ["Inventory… 44,207"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 44,680 ["Inventory… 44,680"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Total liabilities | 628,519 ["Total Liabilities… 628,519"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 583,387 ["Total Liabilities… 583,387"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Total equity (total capital) | 133,123 ["Total capital… 133,123"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 126,254 ["Total capital… 126,254"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | One thing Monex itself flags: assets/liabilities fell partly because balance sheet items tied to the sold Hong Kong businesses dropped out. ["assets and liabilities… reduced due to the sale"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- ## 3.3 Cash flow bridge (FY2024 vs FY2025) **Units:** JPY million. | Cash flow | FY2024 | FY2025 | Δ (computed) | |---|---:|---:|---:| | CFO | 8,055 ["Cash flows from operating activities… 8,055"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 13,300 ["Cash flows from operating activities… 13,300"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 5,245 (computed) ["Cash flows from operating activities… 8,055"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Cash flows from operating activities… 13,300"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | CFI | △86,353 ["investing activities… △ 86,353"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △32,178 ["investing activities… △ 32,178"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 54,175 (computed) ["investing activities… △ 86,353"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["investing activities… △ 32,178"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | CFF | △5,106 ["financing activities… △ 5,106"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △25,191 ["financing activities… △ 25,191"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △20,085 (computed) ["financing activities… △ 5,106"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["financing activities… △ 25,191"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Ending cash | 97,935 ["Cash and cash equivalents at end of period… 97,935"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 53,467 ["Cash and cash equivalents at end of period… 53,467"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △44,468 ["Increase/decrease… △44,468"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | --- # 4) Segment economics — where profits are really made ## 4.1 FY2025 segment profit before tax (FY2024 comparison) **Units:** JPY million; “segment profit or loss” is profit/loss before tax per Monex segment note. ["Segment profit or loss is profit or loss before tax"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | Segment | Operating revenue (FY2025) | Segment PBT (FY2025) | Segment PBT (FY2024) | |---|---:|---:|---:| | Japan | 10,136 ["Total… 10,136"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 919 ["Segment profit… 919"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 16,756 ["Segment profit… 16,756"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | U.S. | 51,902 ["Operating revenue… 51,902"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 8,700 ["Segment profit… 8,700"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 5,674 ["Segment profit… 5,674"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Crypto Asset | 13,478 ["Operating revenue… 13,478"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △13,547 ["Segment profit… △ 13,547"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 2,838 ["Segment profit… 2,838"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Investment | △509 ["Operating revenue… △ 509"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △697 ["Segment profit… △ 697"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 13 ["Segment profit… 13"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | ### Interpretation (filings‑anchored) * **TradeStation / U.S. segment is the earnings anchor**: profit before tax grew to ¥8.7bn while operating revenue hit ¥51.9bn. ["Segment profit… 8,700"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Operating revenue… 51,902"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) * **Crypto is volatile and structurally “event‑risk exposed”**: operating revenue rose, but segment swung to a large loss mainly because of listing expenses (stock‑based comp + pro fees). ["Operating revenue… 13,478"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["segment loss… 13,547"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["stock-based compensation expense… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ## 4.2 New segment model (interim period ended Sept 30, 2025) This is the “post‑reorg” view management wants investors to adopt. **Operating revenue by new segments (interim cumulative, Apr 1–Sep 30, 2025)** — JPY million: | Segment | Operating revenue | |---|---:| | Securities Business | 26,495 ["Operating revenue… 26,495"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Crypto Asset Business | 7,110 ["Operating revenue… 7,110"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Asset Mgmt & Wealth Mgmt | 4,673 ["Operating revenue… 4,673"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Investment Business | 254 ["Operating revenue… 254"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Consolidated operating revenue | 40,397 ["Operating revenue… 40,397"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | This restructuring is strategically important because it isolates **Asset Mgmt/Wealth** as its own growth narrative (3iQ, Westfield, private banking) rather than burying it inside “Japan.” ["AM and WM Business"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) --- # 5) Coincheck / crypto: where disclosures get unusually “technical” ## 5.1 The big accounting disclosure: net vs gross presentation Monex says that for Coincheck’s crypto exchange transactions, in its *consolidated* financial statements it has historically recorded revenue as the **net amount of sales and purchase prices** (“net presentation”), referencing IFRS 15 + IFRS 9 logic. ["recorded the net amount… as revenue"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["IFRS 15"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["IFRS 9"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) But during the Nasdaq listing application process for Coincheck Group NV, Monex concluded Coincheck’s financials used in registration documents should apply **only IFRS 15**, leading to **gross presentation** there—while Monex intends to keep net presentation in Japanese filings for comparability and market usefulness. ["only IFRS 15 applies"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["continuing to present net amounts"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) **Why it matters:** headline revenue can change dramatically without changing earnings/equity. Monex explicitly quantifies this: if it presented Coincheck Group NV gross in FY2025, revenues would be **¥369,852m higher** and expenses **¥369,852m higher**, with **no effect** on consolidated net income or total equity. ["revenues would be 369,852 million yen higher"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) ["will not affect consolidated net income"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) ["or total equity"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) ## 5.2 Custody & existence of crypto assets (audit “key audit matter”) Auditors treat **existence/ownership and safeguarding of crypto assets stored in cold wallets** as a key audit matter for Coincheck. ["cold wallet"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) ["key audit matter"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) The audit response explicitly mentions: * evaluating internal controls around access management / segregation of duties / reconciliations, and * verifying balances using tools against blockchain records and observing transactions. ["evaluated the effectiveness… internal controls"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) ["verify… against blockchain records"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) **Analyst framing:** this is not generic boilerplate—Monex’s audit file shows crypto custody controls are a first‑class audit focus and a material operational risk surface (private keys, wallet controls). ["holds the private keys"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) --- # 6) Capital allocation & equity movements (high signal items) Monex reports equity attributable to owners of the parent of **¥123,984m** at March 31, 2025 (down from ¥131,712m). ["Equity attributable to owners… 123,984"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["131,712"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) Two shareholder‑return levers explicitly show up in the statement of changes in equity: * **Dividends to owners** in FY2025: ¥7,738m. ["Dividends to owners… △ 7,738"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) * **Treasury stock acquisition** in FY2025: ¥3,981m. ["Acquisition of treasury stock… △ 3,981"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) Also: the Coincheck listing‑related IFRS treatment caused a **within‑equity reclassification** (retained earnings down; capital surplus up) related to “changes in ownership interests … that do not result in a loss of control.” ["retained earnings decreased"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["capital surplus increased"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["does not result in a loss of control"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- # 7) Risk & control architecture (what Monex emphasizes) ## 7.1 Cybersecurity as a “top risk” theme In FY2024 annual report risk disclosures, Monex describes a **group CSIRT structure** (Monex Group CSIRT plus CSIRTs at each group company) to respond to cyberattacks and protect systems and information assets. ["Monex Group CSIRT"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) ["each Group company has also established a CSIRT"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) ## 7.2 Quant risk: Group VaR framework (FY2024 disclosure) Monex discloses it calculates **Group VaR monthly** and compares total risk to a tolerance level defined as “half of consolidated shareholders’ equity minus fixed assets.” ["calculates… Group VaR monthly"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) ["risk tolerance level"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) It also links operational/cyber risk quantification to wallet balances (crypto custody exposure). ["Operation VaR… multiplied by the wallet balance"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) **Analyst framing:** this is consistent with a platform group whose “tail risk” is operational/cyber rather than balance‑sheet market risk (they emphasize brokerage‑style revenue and limited proprietary trading exposure). ["most revenue… brokerage operations"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) --- # 8) “Latest” disclosed operating snapshot (interim ended Sept 30, 2025) ## 8.1 Interim KPI table (consolidated) **Units:** JPY million unless noted. | Metric | Apr–Sep 2024 | Apr–Sep 2025 | FY2025 full year | |---|---:|---:|---:| | Operating revenue | 35,813 ["Operating revenue… 35,813"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 40,397 ["Operating revenue… 40,397"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 73,814 ["Operating revenue… 73,814"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Interim PBT / FY PBT | 5,012 ["Interim profit… 5,012"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 7,658 ["Interim profit… 7,658"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | △4,626 ["profit… △ 4,626"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Total assets (period end) | 700,697 ["Total assets… 700,697"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 758,918 ["Total assets… 758,918"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 709,641 ["Total assets… 709,641"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Ending cash | 75,708 ["cash… 75,708"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 41,537 ["cash… 41,537"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 53,467 ["cash… 53,467"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | --- ## What I’d scrutinize next (still filings‑based, but deeper) If you want the most “alpha‑relevant” follow‑ups, I can expand with more tables on: 1) **TradeStation unit economics** (interest income sensitivity, DARTs/active trading drivers) — disclosures mention DARTs and interest income dynamics in the securities business narrative. ["DARTs (Daily Average Revenue Trades)"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) 2) **Coincheck normalized profitability** by stripping the listing one‑offs (I’ll compute and clearly label it as computed, citing the exact one‑off amounts). ["stock-based compensation expenses… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) 3) **Asset Mgmt & Wealth** (AUM metrics disclosed in interim: MAM AUM, 3iQ AUM, Westfield AUM) to assess whether this segment can reduce earnings cyclicality. ["balance under management"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) Tell me “1”, “2”, “3”, or “all,” and I’ll continue in the same interactive, table‑heavy format.

## Monex Group (8698.T) — filings‑driven deep dive (EDINET + disclosures) ### Executive takeaway Monex Group is effectively a *portfolio of online financial platforms* spanning (1) a large U.S. active‑trader brokerage (TradeStation), (2) a Japan crypto exchange platform (Coincheck), plus (3) growing asset/wealth management bets (3iQ, Westfield) and (4) an investment/ventures sleeve. ["financial instruments trading, cryptocurrency exchange"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["TradeStation Securities, Inc."](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Coincheck Group NV"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["acquisition of 3iQ"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Westfield… affiliate"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) FY2025 (year ended March 31, 2025) results were dominated by crypto‑related listing costs around Coincheck Group NV’s De‑SPAC/Nasdaq listing (stock‑based comp expense and professional fees), which flipped consolidated pre‑tax profit to a loss even though “operating revenue” grew. ["Pre-tax profit (loss)… △ 4,626"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Operating revenue… 73,814"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["stock-based compensation expenses… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- # 1) “Choose your path” map (interactive structure) Pick any module below and I’ll go deeper *without changing sources* (still filings/disclosures): 1) **Earnings engine & financials** (FY2024→FY2025, cash flows, balance sheet) 2) **Segment economics** (Japan vs U.S. vs Crypto vs Investment; then the new 4‑segment model) 3) **Coincheck / crypto exposure** (accounting, custody/security, listing impacts) 4) **Capital allocation** (dividends, buybacks, equity movements) 5) **Risk & controls** (cybersecurity/CSIRT, VaR framework; audit “key matters”) (You don’t need to provide more info; just tell me which module number(s) you want next.) --- # 2) What Monex *is* (business model from filings) ### Operating footprint (FY2025 reporting structure) Monex describes itself as a group primarily engaged in **financial instruments trading**, **cryptocurrency exchange**, and **securities investment**. ["financial instruments trading, cryptocurrency exchange, and securities investment"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) In FY2025 it reports four segments (before the later change discussed below): **Japan**, **US**, **Crypto Asset Business**, **Investment Business**. ["Reportable Segments… Japan… US… Crypto Asset Business… investment business"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ### Portfolio actions that changed the shape of the group **Asia Pacific was removed** from segments after Monex Boom Securities (HK) and two other companies were classified as discontinued operations and sold (share transfer completed Oct 4, 2024). ["\"Asia Pacific\" has been excluded"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["share transfer was completed on October 4, 2024"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) **Monex Securities** became an **equity‑method affiliate** after the NTT Docomo alliance (so its results are not consolidated in the same way as earlier years). ["Monex Securities Inc. became an equity-method affiliate"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ### Segment reporting “reset” (new model) Starting in the interim period ended Sept 30, 2025, Monex revamped reportable segments into: **Securities Business / Crypto Asset Business / Asset Management & Wealth Management / Investment Business**. ["reportable segments have been revamped… \"Securities Business\"… \"Crypto Asset Business\"… \"Asset Management and Wealth Management\"… \"Investment Business\""](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) This is a big tell: management wants investors to view the group as “platform verticals” rather than “geographies.” ["reporting segments… into four segments"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) --- # 3) Financial core (FY2024 vs FY2025) — consolidated view ## 3.1 Income statement highlights (continuing + discontinued) **Units:** JPY million. | Metric | FY2024 (ended Mar 31, 2024) | FY2025 (ended Mar 31, 2025) | |---|---:|---:| | Operating revenue | 65,726 ["Operating revenue… 65,726"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 73,814 ["Operating revenue… 73,814"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Total revenue | 83,855 ["Total Revenue… 83,855"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 79,570 ["Total Revenue… 79,570"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | SG&A | 49,256 ["Selling, general and administrative expenses… 49,256"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 61,325 ["Selling, general and administrative expenses… 61,325"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Other expenses | 1,151 ["Other expenses… 1,151"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 15,485 ["Other expenses… 15,485"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Pre‑tax profit (loss) | 25,324 ["Pre-tax profit (loss)… 25,324"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △4,626 ["Pre-tax profit (loss)… △ 4,626"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Net income (loss) attributable to owners | 31,293 ["Owner of the parent company… 31,293"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △5,067 ["Owner of the parent company… △ 5,067"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | ### What actually happened in FY2025 (the “why”) Monex explicitly calls out **one‑time De‑SPAC listing costs** tied to Coincheck Group NV: * **¥13,714m** stock‑based compensation expense under IFRS 2. ["stock-based compensation expenses… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) * **¥4,531m** professional fees related to the De‑SPAC. ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) A useful mental model: FY2025 consolidated results are “stable brokerage earnings + crypto cycle upside” minus “listing‑related one‑offs,” with the latter dominating reported profit. ["Operating revenue… 12.3% increase"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["one-time… stock-based compensation"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- ## 3.2 Balance sheet snapshot (end of FY2024 vs FY2025) **Units:** JPY million. | Line item | Mar 31, 2024 | Mar 31, 2025 | |---|---:|---:| | Total assets | 761,642 ["Total Assets… 761,642"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 709,641 ["Total Assets… 709,641"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Cash & cash equivalents | 97,935 ["Cash and cash equivalents… 97,935"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 53,467 ["Cash and cash equivalents… 53,467"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Money held in trust | 404,602 ["Money held in trust… 404,602"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 376,787 ["Money held in trust… 376,787"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Inventory | 44,207 ["Inventory… 44,207"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 44,680 ["Inventory… 44,680"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Total liabilities | 628,519 ["Total Liabilities… 628,519"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 583,387 ["Total Liabilities… 583,387"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Total equity (total capital) | 133,123 ["Total capital… 133,123"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 126,254 ["Total capital… 126,254"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | One thing Monex itself flags: assets/liabilities fell partly because balance sheet items tied to the sold Hong Kong businesses dropped out. ["assets and liabilities… reduced due to the sale"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- ## 3.3 Cash flow bridge (FY2024 vs FY2025) **Units:** JPY million. | Cash flow | FY2024 | FY2025 | Δ (computed) | |---|---:|---:|---:| | CFO | 8,055 ["Cash flows from operating activities… 8,055"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 13,300 ["Cash flows from operating activities… 13,300"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 5,245 (computed) ["Cash flows from operating activities… 8,055"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Cash flows from operating activities… 13,300"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | CFI | △86,353 ["investing activities… △ 86,353"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △32,178 ["investing activities… △ 32,178"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 54,175 (computed) ["investing activities… △ 86,353"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["investing activities… △ 32,178"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | CFF | △5,106 ["financing activities… △ 5,106"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △25,191 ["financing activities… △ 25,191"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △20,085 (computed) ["financing activities… △ 5,106"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["financing activities… △ 25,191"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Ending cash | 97,935 ["Cash and cash equivalents at end of period… 97,935"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 53,467 ["Cash and cash equivalents at end of period… 53,467"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △44,468 ["Increase/decrease… △44,468"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | --- # 4) Segment economics — where profits are really made ## 4.1 FY2025 segment profit before tax (FY2024 comparison) **Units:** JPY million; “segment profit or loss” is profit/loss before tax per Monex segment note. ["Segment profit or loss is profit or loss before tax"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | Segment | Operating revenue (FY2025) | Segment PBT (FY2025) | Segment PBT (FY2024) | |---|---:|---:|---:| | Japan | 10,136 ["Total… 10,136"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 919 ["Segment profit… 919"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 16,756 ["Segment profit… 16,756"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | U.S. | 51,902 ["Operating revenue… 51,902"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 8,700 ["Segment profit… 8,700"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 5,674 ["Segment profit… 5,674"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Crypto Asset | 13,478 ["Operating revenue… 13,478"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △13,547 ["Segment profit… △ 13,547"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 2,838 ["Segment profit… 2,838"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | | Investment | △509 ["Operating revenue… △ 509"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | △697 ["Segment profit… △ 697"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | 13 ["Segment profit… 13"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) | ### Interpretation (filings‑anchored) * **TradeStation / U.S. segment is the earnings anchor**: profit before tax grew to ¥8.7bn while operating revenue hit ¥51.9bn. ["Segment profit… 8,700"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["Operating revenue… 51,902"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) * **Crypto is volatile and structurally “event‑risk exposed”**: operating revenue rose, but segment swung to a large loss mainly because of listing expenses (stock‑based comp + pro fees). ["Operating revenue… 13,478"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["segment loss… 13,547"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["stock-based compensation expense… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ## 4.2 New segment model (interim period ended Sept 30, 2025) This is the “post‑reorg” view management wants investors to adopt. **Operating revenue by new segments (interim cumulative, Apr 1–Sep 30, 2025)** — JPY million: | Segment | Operating revenue | |---|---:| | Securities Business | 26,495 ["Operating revenue… 26,495"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Crypto Asset Business | 7,110 ["Operating revenue… 7,110"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Asset Mgmt & Wealth Mgmt | 4,673 ["Operating revenue… 4,673"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Investment Business | 254 ["Operating revenue… 254"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Consolidated operating revenue | 40,397 ["Operating revenue… 40,397"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | This restructuring is strategically important because it isolates **Asset Mgmt/Wealth** as its own growth narrative (3iQ, Westfield, private banking) rather than burying it inside “Japan.” ["AM and WM Business"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) --- # 5) Coincheck / crypto: where disclosures get unusually “technical” ## 5.1 The big accounting disclosure: net vs gross presentation Monex says that for Coincheck’s crypto exchange transactions, in its *consolidated* financial statements it has historically recorded revenue as the **net amount of sales and purchase prices** (“net presentation”), referencing IFRS 15 + IFRS 9 logic. ["recorded the net amount… as revenue"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["IFRS 15"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["IFRS 9"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) But during the Nasdaq listing application process for Coincheck Group NV, Monex concluded Coincheck’s financials used in registration documents should apply **only IFRS 15**, leading to **gross presentation** there—while Monex intends to keep net presentation in Japanese filings for comparability and market usefulness. ["only IFRS 15 applies"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["continuing to present net amounts"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) **Why it matters:** headline revenue can change dramatically without changing earnings/equity. Monex explicitly quantifies this: if it presented Coincheck Group NV gross in FY2025, revenues would be **¥369,852m higher** and expenses **¥369,852m higher**, with **no effect** on consolidated net income or total equity. ["revenues would be 369,852 million yen higher"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) ["will not affect consolidated net income"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) ["or total equity"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) ## 5.2 Custody & existence of crypto assets (audit “key audit matter”) Auditors treat **existence/ownership and safeguarding of crypto assets stored in cold wallets** as a key audit matter for Coincheck. ["cold wallet"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) ["key audit matter"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) The audit response explicitly mentions: * evaluating internal controls around access management / segregation of duties / reconciliations, and * verifying balances using tools against blockchain records and observing transactions. ["evaluated the effectiveness… internal controls"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) ["verify… against blockchain records"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) **Analyst framing:** this is not generic boilerplate—Monex’s audit file shows crypto custody controls are a first‑class audit focus and a material operational risk surface (private keys, wallet controls). ["holds the private keys"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1262:audit_jpaud-aai-cc-001_E03815-000_2025-03-31_01_2025-06-27_ixbrl_htm.html) --- # 6) Capital allocation & equity movements (high signal items) Monex reports equity attributable to owners of the parent of **¥123,984m** at March 31, 2025 (down from ¥131,712m). ["Equity attributable to owners… 123,984"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["131,712"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) Two shareholder‑return levers explicitly show up in the statement of changes in equity: * **Dividends to owners** in FY2025: ¥7,738m. ["Dividends to owners… △ 7,738"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) * **Treasury stock acquisition** in FY2025: ¥3,981m. ["Acquisition of treasury stock… △ 3,981"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) Also: the Coincheck listing‑related IFRS treatment caused a **within‑equity reclassification** (retained earnings down; capital surplus up) related to “changes in ownership interests … that do not result in a loss of control.” ["retained earnings decreased"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["capital surplus increased"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["does not result in a loss of control"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) --- # 7) Risk & control architecture (what Monex emphasizes) ## 7.1 Cybersecurity as a “top risk” theme In FY2024 annual report risk disclosures, Monex describes a **group CSIRT structure** (Monex Group CSIRT plus CSIRTs at each group company) to respond to cyberattacks and protect systems and information assets. ["Monex Group CSIRT"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) ["each Group company has also established a CSIRT"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) ## 7.2 Quant risk: Group VaR framework (FY2024 disclosure) Monex discloses it calculates **Group VaR monthly** and compares total risk to a tolerance level defined as “half of consolidated shareholders’ equity minus fixed assets.” ["calculates… Group VaR monthly"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) ["risk tolerance level"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) It also links operational/cyber risk quantification to wallet balances (crypto custody exposure). ["Operation VaR… multiplied by the wallet balance"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) **Analyst framing:** this is consistent with a platform group whose “tail risk” is operational/cyber rather than balance‑sheet market risk (they emphasize brokerage‑style revenue and limited proprietary trading exposure). ["most revenue… brokerage operations"](8a4d3f0c-5d91-4cfb-8ce1-e9ffabda47e9:801:original.html) --- # 8) “Latest” disclosed operating snapshot (interim ended Sept 30, 2025) ## 8.1 Interim KPI table (consolidated) **Units:** JPY million unless noted. | Metric | Apr–Sep 2024 | Apr–Sep 2025 | FY2025 full year | |---|---:|---:|---:| | Operating revenue | 35,813 ["Operating revenue… 35,813"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 40,397 ["Operating revenue… 40,397"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 73,814 ["Operating revenue… 73,814"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Interim PBT / FY PBT | 5,012 ["Interim profit… 5,012"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 7,658 ["Interim profit… 7,658"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | △4,626 ["profit… △ 4,626"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Total assets (period end) | 700,697 ["Total assets… 700,697"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 758,918 ["Total assets… 758,918"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 709,641 ["Total assets… 709,641"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | | Ending cash | 75,708 ["cash… 75,708"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 41,537 ["cash… 41,537"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | 53,467 ["cash… 53,467"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) | --- ## What I’d scrutinize next (still filings‑based, but deeper) If you want the most “alpha‑relevant” follow‑ups, I can expand with more tables on: 1) **TradeStation unit economics** (interest income sensitivity, DARTs/active trading drivers) — disclosures mention DARTs and interest income dynamics in the securities business narrative. ["DARTs (Daily Average Revenue Trades)"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) 2) **Coincheck normalized profitability** by stripping the listing one‑offs (I’ll compute and clearly label it as computed, citing the exact one‑off amounts). ["stock-based compensation expenses… 13,714"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) ["professional fees… 4,531"](d81fbe32-a0c6-47fd-a3a7-96425bda439e:1261:original.html) 3) **Asset Mgmt & Wealth** (AUM metrics disclosed in interim: MAM AUM, 3iQ AUM, Westfield AUM) to assess whether this segment can reduce earnings cyclicality. ["balance under management"](cb4e59f3-0064-4c98-96bd-10dd9c385c2a:1246:original.html) Tell me “1”, “2”, “3”, or “all,” and I’ll continue in the same interactive, table‑heavy format.