[Shift in Risk Assets at Securities Firms] ① NH Securities reduced PF and increased acquisition finance

At the end of Q1, NH Investment & Securities’ credit exposure edged up, but the risk mix shifted away from real estate PF and toward corporate lending and contingent liabilities.

The center of high-risk assets moved from PF to financing and other corporate credit exposures, with corporate contingent liabilities expanding notably.

Capital raising and NCR improved, but sell-down execution and asset recovery speed remain key drivers of capital efficiency.

As PF is cut back and corporate finance grows, the firm is reshaping both its revenue model and risk-management strategy.