Singapore

February 8, 2026, 5:48 PM EST. Nomura Holdings (TSE:8604) has approved a ¥60 billion share repurchase program covering 3.41% of its free float through September 2026. This buyback aims to enhance capital efficiency and fund stock compensation, linking employee incentives with capital returns. The plan may support per-share metrics but is partly offset by shares awarded to employees. Nomura remains a mature capital markets firm facing slowing earnings momentum and modest return on equity. Market views on its valuation range widely, with some pricing the stock up to 16% below fair value. Key challenges include integrating Macquarie asset management and stabilizing revenue growth while managing dividend unevenness. Investors should weigh the balanced risks and potential benefits in context of Nomura's steady but slow growth outlook.