Research Division

What We Do


Our research team consists of economists and equity analysts who cover a wide range of industries, sectors, and issuers, including IT hardware, IT software/internet, retailing, and automobile/capital goods.

Our Approach

The value of our research is derived from access to a wide network of detailed, in-depth analyses and forward-looking market insights generated by our Daiwa Group Japan-based and Asia-based affiliates. Our goal is to evaluate investments from the customer’s perspective and to deliver comprehensive market research with each customer’s interest in mind.

Research Reports

Our original research reports combine statistical findings with thoughtful, data-driven observations and conclusions. We are committed to providing analyses that are informative and appropriate for our customers.

Economic Reports

DCMA’s chief economist, Michael Moran, formulates the Firm’s forecast for the U.S. economy, focusing on growth, inflation, and interest rates. This information is conveyed to customers in the form of both written commentary and personal presentations and is used to help formulate customers’ investment strategies. In addition, our chief economist maintains an active presence on DCMA’s trading floor to interpret the latest statistics and other economic developments for traders and salespeople.

Research Analysts and Research Reports

FINRA Rule 2241 requires member firms to disclose conflicts of interest in connection with the publication of equity research reports and public appearances by research analysts. Each research report published by DCMA makes full disclosure of Daiwa’s interests that may cause an investor to question the objectivity of our research analysts. We aim for full transparency. For existing institutional clients, please click here for secure access to research disclosures. If you would like access, please contact your DCMA representative.

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