Dear investors, thank you very much for waiting, and thank you for taking time out of your busy schedule today to participate in the telephone conference for the third quarter of fiscal year 2022 of Daiwa Securities Group. It is time, and we will now like to begin the conference call. We have Mr. Eiji Sato, Executive Managing Director and CFO with Daiwa Securities Group. I am Nishiba, Head of the Investor Relations Office, and I will be the facilitator for the entire meeting. Thank you very much for your cooperation. First, Mr. Sato will explain the financial results for Q3 of fiscal year 2022. We will take your questions after the presentation. Today's meeting will be open to general investors via the Internet. We will now begin the explanation. My name is Sato from Daiwa Securities Group. Thank you for taking time out of your busy schedule to attend our telephone conference today. I will now explain our financial results for Q3 of FY 2022, which we announced today, in accordance with the financial results presentation material posted on our website. First, please turn to page 4. I will explain the summary of consolidated financial results. The percentage change in the figures is compared to Q2 of FY 2022. Net operating revenues for Q3 of FY 2022 were up by 9.5% to JPY 121.4 billion. Ordinary income was up by 56% to JPY 23.1 billion. In the retail division, flow revenues, such as equity and bond revenues, increased, and Fund Wrap-related revenues also increased. In the wholesale division, global markets improved QOQ due to an increase in FICC revenues, while global investment banking reported higher revenues and income. Net income attributable to owners of the parent decreased by 21.9% to JPY 15.2 billion. ROE was 4.3% on an annualized basis. Please turn to page 10. I will now explain the income statement. Commissions received were down by 1.3% to JPY 69.5 billion. The breakdown of commissions received is shown on page 23. Brokerage commissions increased by 3.5% to JPY 16.6 billion due to an increase in trading of Japanese stocks. Underwriting and secondary offering commissions were up by 21.6% to JPY 7.6 billion. Distribution commissions were down by 15.2% to JPY 2.5 billion. M&A-related commissions were JPY 6.3 billion, down 31.9%. Trading income increased by 21.1% due to an increase in FICC income. Please turn to page 11. I would like to explain the status of SG&A expenses. SG&A expenses were up by 1% to JPY 99.9 billion. In personnel expenses, earnings-linked bonuses increased. Office cost, system-related outsourcing costs increased. Please turn to page 13. I will explain the ordinary income and expenses of the overseas operations. The total ordinary income of the overseas operations were up by 80.8% to JPY 6.2 billion. In Europe, in addition to an increase in Japan-related primary revenues, gains from the sale of equity and ESG-related funds, which we are developing by leveraging our knowledge and network in infrastructure sector M&A, contributed to the increase. The ordinary income was at JPY 3.3 billion. In Asia and Oceania, in addition to the contribution of the wealth management business, primary revenues increased, resulting in a high level of profit. In Americas, while FICC income increased, M&A income decreased, resulting in a decline in overall income. I will now explain the results by segment. Please turn to page 14. First, I will explain the income and expenditure of the retail division. Net operating revenues were increased by 2.5% to JPY 42.2 billion, and ordinary income was up by 16.5% to JPY 7.1 billion. Equity income increased due to a recovery in trading of Japanese equities. Bond income rose due to an increase in sales of domestic bonds. Distribution commissions for investment trusts decreased due to a decline in sales of equity investment trusts. Agency fees for investment trusts decreased due to a decline in the balance of investment trusts. Wrap-related revenues increased due to an increase in the balance of assets under contract. Asset-based revenues totaled JPY 20.6 billion, accounting for 50.5% of retail division revenues. Please turn to page 15. This page shows the status of product offerings and sales and topics in the retail division of Daiwa Securities. In the wrap account service, the amount of contracts signed was JPY 137.1 billion, with a net increase of JPY 59.4 billion. In stock investment trusts, sales of inbound-related Japanese equity funds and funds investing in global undervalued growth stocks were strong. The lower left hand side of the slide shows a graph of the total amount of the net increase in the amount of wrap and equity investment trust offered and sold. Please turn to page 16. I will now explain the wholesale division. Starting off with the global markets, net operating revenues were JPY 27.9 billion, up 10.5%. Ordinary income was JPY 0.2 billion. Equity revenue declined on the back of lower customer flows due to investors' wait and see attitude for foreign equities and the derivatives under uncertain market environment. FICC revenues increased. In Japan, revenues from JGBs increased upon higher interest rate volatility. In overseas, revenues increased, driven by Treasuries, repo, and MBS. Please turn to page 18. This page is on the global investment banking. Net operating revenues were JPY 14.8 billion, up 9.1%. Ordinary income was JPY 1.9 billion, up 162.3%. Revenues from equity underwriting business increased as we accumulated a track record of mandates as a lead manager. In the debt underwriting business, we accumulated a track record of serving as a lead manager of straight bonds and so on. M&A income increased as we executed M&A mandates steadily in Japan as well as overseas. Please turn to page 19. Let me next explain the asset management division. Net operating revenues were JPY 17.2 billion, up 2%. Ordinary income was JPY 10.5 billion, which was down 2%. Daiwa Asset Management net revenue went down due to a decline in AUM associated with a drop in market values, even though we secured positive net capital inflows. With regards to the real estate asset management, revenues and income increased. AUM asset management increased. Please turn to page 21. Let me explain the results in the investment division. Net operating revenues were JPY 3.7 billion, up 97.7%, and ordinary income was JPY 1.2 billion, up 56.4%. Daiwa PI Partners achieved a revenue increase from investments in monetary claims. With regards to Daiwa Energy Infrastructure, income from investments in renewable energy increased. This completes my explanation of the results in the third quarter of FY 2022. In this third quarter, consolidated ordinary income was JPY 23.1 billion, which was up 56% Q-on-Q, which demonstrated our comprehensive capabilities as a group, as well as our ability to quickly respond to a difficult market environment. Retail Division secured ordinary income of JPY 7.1 billion, which showed steady progress of the shift to wealth management business model and cost structure reform we have been working on from before. We were able to grow income in total, driven by increase in fixed income sales both in Japan and overseas, reflecting higher needs of customers as a result of rise in interest rates. We have been even more confident that we can increase revenues furthermore once the equity market restores its stability. In the wholesale division, upon the rise in interest rates and interest rate volatility, fixed income trading revenues recovered, as well as underwriting and M&A-related businesses. As a result, as a whole division, we were able to turn it around into profitability. In addition, in overseas divisions, we posted profits in all regions with increase in ordinary income to JPY 6.2 billion in total. We concentrate on areas where we have strength and competitive edge overseas. As a result, we secure increase in revenue even in the difficult environment with stringent cost control. Now, with regards to what we are seeing right now in January, uncertainties in the market environment still remain. However, we see some signs of lights, particularly looking at customers' activities. In the retail division, we have been maintaining high levels of Fund Wrap sales, and the number of new accounts opened per month has been trending very well. It is at the highest level so far in this fiscal year on the per business day basis. With regards to equity and equity investment trust sales, we are off to a slightly slow start. However, we presume that more investors are trying to capture the timing of the equity market turnaround in the future. On the other hand, in the market division, income environment in domestic fixed income business is improving on the back of higher customer flows and volatility, while there is more attention globally towards BOJ's monetary policy. In addition, U.S. FICC business has been maintaining its good performance. We are determined to stay focused on promoting sales reform, in other words, the shift to wealth management business model, by putting improvement in customer satisfaction at the core and contribute to realize doubling asset income for Japanese people led by the government regardless of any market changes. In addition, we'd like to establish income structure which is insusceptible to the market environment by promoting expanding hybrid business model and cost structure reform. I appreciate your continued support and cooperation to us. Thank you very much. This concludes the explanation. We would now like to continue by taking your questions. We have simultaneous interpretation. We also take questions in English as well. If you have questions in either Japanese or English, please press the star key followed by one To cancel your question, please press the star key followed by two. Please note that today's Q&A session will begin with Q&A session in Japanese, followed by a Q&A session in English. I would like to introduce the first question from SMBC Nikko, Muraki-san. Muraki-san, please start your question. This is Muraki from SMBC Nikko. Thank you for the opportunity. I have a question related to fixed income. You've mentioned about the improvement of the volatility and therefore the operating environment is improving. That was a comment you have made at the end. If we were to see the trajectory in the months, since November onwards with the BOJ policy change, does that pose a huge impact on your performance? Of course, the market was even prior to the announcement by BOJ. What sort of initiatives have you taken? What are the expectations in terms of the improvement of the revenue and income going forward? That is a question related to fixed income. Second question relates to cost reduction. On the 25th of November, according to the material that has been posted, JPY 6.5 billion of additional cost reduction were presented and JPY 5 billion-JPY 10 billion in global markets cost reduction that has been mentioned within the presentation. If you can tell us the progress so far, or the progress in terms of the measures related to cost reduction. Also, there's JPY 5 billion-JPY 10 billion, you mentioned there's a new amount. If you have any update related to these measures, that would be helpful. Thank you very much for that question. The first question about JGB. In terms of the policy change, in terms of the direct impact from the policy change, perhaps even prior to the policy announcement, in terms of JGB, the volatility has been on the rise. Therefore, in terms of the operating environment and revenue environment, that was favorable for us. That is why we've been able to increase the revenue. After the policy change, the volatility continues to be fairly high. We do expect, and we have been seeing improvement in the environment. Also, this is not just for JGB, in terms of credit as well. In fact, there's been a need for replacement within the portfolio of investors. For primary and secondary, if it's more settled down, then we do believe there'll be further improvement in the revenue. Also, there is an impact on our wholesale division, which is also the bond investment by the retail investors. Of course, we have been seeing a fairly low, ultra-low interest rate, but now we are seeing changes. We are seeing some increase in the demand for the retail investors as well. All in all, for FICC and so forth, we are definitely seeing an improvement. The second question relates to the global markets cost reduction. Within the material, the JPY 6.5 billion, we had mentioned about JPY 5 billion additional for global markets. Aside from that, we have. I'd like to give you a separate explanation. Let's start off with global markets. JPY 5 billion of additional cost reduction. As we speak, we have just over JPY 4 billion of concrete initiatives underway. However, there is a time lag. In terms of the impact within this fiscal term, it will be limited. Perhaps next year, about 80% of the impact of the cost reduction will happen. The two years from that, 20% remainder will see the impact from cost reduction. For the overall JPY 6.5 billion of cost reduction, to give you more accurate information, for 2019, so since we started the cost reduction, we will be reducing JPY 30 billion. That was the initial plan. This year, and also going forward, given the outlook for the operating environment, we have been looking into additional cost reduction. Up until now, so up until FY 2023, additional of approximately JPY 6 billion. For 2024, another JPY 3 billion. All in all, JPY 9 billion of additional cost reduction is expected. Of course, there is time lag until the actual impact will take form. We would definitely like to share on a run rate basis what the impact has been. Did we answer your question? About the second question, the last point you mentioned about the total of JPY 9 billion. You mentioned about JPY 6.5 billion. That has been increased to JPY 9 billion? Could I just confirm the number? Indeed, indeed. JPY 6.5 billion, and with the additional of global markets. Excluding the overlap, the total is JPY 9 billion. Related to fixed income, related to that question, page 9, the presentation. Up until Q2, we have exposure. In, I think, Q3, there's been a decrease. If you look at the derivatives, for instance, in page 8, as of September end, there has been a significant increase. I believe this is fixed income. What sort of operations have been doing with this? In terms of exposure, about the increase in exposure, the largest part, the total asset has been a record high. This is related to JGB and also the position in the overseas. Basically, it's not as if we are taking more risk. That's not the case. Also, you mentioned perhaps there is a derivatives of the increase, but here it's related to increase in the interest rate. That is reflected in our performance. This is related to market factor. That is the reasoning behind that. As Muraki-san, you mentioned, as of December end, the JPY 28 trillion as a total asset. We do believe that we shall see improvement going forward. Very well understood. Thank you very much for that. Mr. Muraki, thank you so much for your question. Next questions are from Mitsubishi UFJ Morgan Stanley Securities, Tsujino-san. Ms. Tsujino, please go ahead. Hi, thank you so much for taking my questions. In this third quarter, ordinary income on the QoQ basis increased by JPY 8.3 billion. When I looked at segment profits, I get the situation for this increase by segment. Looking at the segment disclosure, there are some other adjustments. My question is, in the second quarter, other adjustments were negative, and this time, it's positive. On a QoQ basis, other adjustment line improved by JPY 1.4 billion. As a result, looking at the segment PL, when I look at JPY 4.1 billion, it's an improvement over JPY 8.3 billion. I think it's totally explained by this other adjustment. It's a doubling due to this improvement in other adjustment line, and this is quite large. I'd like to know what's included in other adjustments. That's number 1. My second question, you've been talking about cost reduction initiatives, but in the next fiscal year, data cost is expected to increase quite a lot. According to the press reports, when I look at labor anticipated cost increase, if you execute on that, then probably cost reduction benefits will be offset by that or can you cover this data cost increase by cost reductions, additional cost reductions? That's my 2nd question. Thank you so much. To your 1st question, other adjustment line. I'm sorry. Every time I try to explain, but it's really difficult to really convey what's really happening in that line. Let me try again. Other adjustments, these are related to 30 group companies other than major ones, and also, the items that do not belong to any segment, like miscellaneous items which do not belong to any segment. That's why there is a certain volatility on a quarterly basis. Compared to Q2, there were some positive factors in the third quarter, such as Daiwa Next Bank, Daiwa Institute of Research. Those group companies' performance went up. We have strategic investment in funds. The other day on November announcement date, we talked about our fund performance, we have some investments in funds strategically. We have incomes which are increasing from securities. There are many items included in other adjustments. It's really difficult to give you a clear answer. In total, the amount of the difference between Q2 and Q3 becomes that large. Okay. May I ask you a follow-up question? Daiwa Next Bank. You disclose their standalone performance, but on a Q-on-Q basis, it's only the improvement of only a few hundreds of millions of JPY. You have investments, strategic investments in funds. I assume that contribution from that is larger. This time you sold stakes in ESG fund, and that belongs to global investment banking. Am I right? If that's the case, then other than that, other contributions which are not included in segment profit, are there so many? Well, first, Daiwa Next Bank improved from Q2 to Q3 by 270 million JPY. By entity, the impact or improvement is not that large. We have 30 group companies. Including all other group companies, improvement is quite large. Also, ESG fund, you are right, it belongs to the global investment banking, which is a series of M&A mandates. If you look at presentation material in November, for example, IP Bridge Fund, ACA Capital Alliance Fund, or funds With the other partner. There is quite significant size of our strategic investment in those funds, and we do not disclose the AUM, the balance in those funds. Did I answer your question, Mr. Tsujino? Yes. According to mass media, mass media reported a wage increase of 4%. In terms of the scale size, our wage increase is under study, so there's no specific wage increase size that we can announce, including group companies. We have not finalized the magnitude of wage increase, so we cannot really answer directly to your question. In the last fiscal year in FY 2022, wage increase and bonus increase were 3.5%, increased by 3.5%, which was about JPY 2.5 billion in the last fiscal year. Cost reduction benefit is large enough to cover all of that. For 2023, do you think you are going to raise more, right? Our cost benefit is going to more, a little bit more on the net basis after offsetting the wage increase. Net are positive, right, after offsetting wage increase in 2023? Yes, that's right. Thank you. Thank you very much, Tsujino-san. Next question is from Morgan Stanley MUFG, Nagasaka-san. Nagasaka-san, please. Morgan Stanley MUFG, this is Nagasaka. Thank you very much for the explanation. I have two questions. First question relates to wholesale division, the global investment bank, banking business. For ECM to DCM, if you can tell us the pipeline and also the appetite of the issuers. If you can give us a feel of those, that would be helpful. ECM, I do believe you have a number of projects, a number of deals underway, but perhaps the PO market as a whole seems rather weak. What is the current appetite of the issuers? For DCM, and perhaps with the BOJ policy, there's still some uncertainty. Perhaps there's still a wait-and-see attitude. What is the outlook in terms of the pipeline next year onwards? If you can share your outlook as much as you can, that would be helpful. The second point, this is more of a detailed question related to retail division. In terms of the equity investment, stock investment, you mentioned about there are some moves to capture the reversal within the market by January onwards. Peers, they're also setting up large-scale funds. What is your strategy related to products? Those are the two questions. Thank you very much for those questions. The first question relates to the pipeline. As you rightly mentioned, so ECM market as a whole, so if you look at Q3, so there's been increase in the new setting, new launch since the first half of the year. We do have some growth expectation, and we are starting to see signs of change in the risk appetite from the investors. Now in terms of the pipeline for IPO, the number of deals in comparison to 2021 or so, it's pretty much the same level. However, whether that will be fully listed or not, it really depends on the market situation. Also, for large-scale and mid-scale deals, whether they would come through or not, again, we would like to, we would need to closely watch the market situation. Now, in terms of PO, the pipeline perhaps is somewhat slow in terms of the pipeline filling, and in terms of DCM, it's just as you mentioned. At this particular moment, this, the monetary, the financial policy, there's some uncertainty. I do believe the, both the investors and the issuers are taking a wait-and-see attitude. Perhaps it's somewhat weak in terms of the pipeline. Of course, if we move on to the next fiscal year, with the new administration of BOJ, we shall see some waning of the uncertainty. There would definitely be needs for funding given the outlook for the rate hike. I do believe there will be, the pipeline would expand into next year. Also, in terms of M&A-related funds, would you like to know about that? Yes, I would like to know about that. For M&A, if you look at the pipeline on a global basis, in terms of the number of transactions, it's pretty much similar to the previous year. We are seeing a healthy accumulation of the balance as well. Also in Japan, in terms of the transaction, it's similar. In terms of amount, there's an increase. In terms of overseas, we have seen a record high. Both in terms of the amount and the number of transaction, overseas has been growing. Also related to the second part of your question about the stock investment. The strategy going forward- We are very much customer centric. We are trying to optimize the portfolio that will best suit the customers and, align with the market. We try to provide and offer what is optimal to the customers. Based on the market environment and based on the needs of the customers, we have theme type funds has been one of the major products that we have been offering. In terms of accumulative and investment trust, so, we have been focusing on that as well in order to have diversification of time. In terms of our policy is basically to capture and to give the optimal solution to the customers. I hope I answered your question. Very well understood. Thank you very much. Nagasaka-s an, thank you so much for your question. Next questions are from Bank of America, Sasaki-s an. Sasaki-s an, please go ahead. Hi, this is Sasaki from Bank of America. I have two questions. On page 13 at the top, there's a balloon, that talks about ESG related funds contributed to secure high level profit. How much profit was it specifically speaking, and what is the reason for this timing for the fund sales? That's my first question. The second question, domestic JGB business, which improved you said, and please correct me if I'm wrong, but there's less liquidity in the JGB market, so I think it's really difficult, for you to really demonstrate the edge. I think its market is becoming more difficult for you to really secure the trading income and there is totally exhaustion of issuance of subordinate debts. That has been my impression. In this irregular environment, simply when the volatility is up, you can get more profits. Is that as simple as that? Thank you so much for your questions. To your first question, ESG related funds, please look at the presentation material dated on November 26th, and please go to page 33 and you see the details there. Originally, this ESG related funds in Europe catering to strengthening our M&A related business. BICP Europe, we have a network and M&A knowledge in the network. We have expectation for infrastructure investments in the funds, and we invested seed money and the amount of the investment is not really disclosed. We have to refrain from talking about the specific figure, but from external investments, we have been notified of them wanting to buy the stake from us, that's why we decided to sell. Number 1 fund and also number 2 fund, if you look at page 33, you get the details for fund 1 and 2. We do this to generate synergies with M&A business and also the investment returns. To your second question, JGB trading environment. As you know, for each maturity, liquidity is getting less and less. Even in this environment there is some volatility and there's some spread widening and also on the global basis, there's so much attention to the monetary policy of Japan and there are global investors and there's investor flow in the JGB market. We are trying to capture those investors flow in the JGB market, trying to expand profit. We have to really do the position management, it's not as simple as when the volatility is up, then we can always make money. That's not as simple as that. To your, to the first question, it's okay that you don't disclose the amount, JPY 2.4 billion profit is reported by segment, excluding ESG related funds profit, is it positive or negative? Is it profitable or not profitable excluding income from or gains from ESG related funds? This is due to the specific funds in particular, we have to refrain from answering that question as well. Understood. In the Samty, postponed the announcement of the results. Is there any impact on the past figures and also future figures from the postponement of the announcement of the results? With regards to Samty, it's affiliated company, credit method affiliated company. Right now our special investigation committee is investigating. It's very difficult for us to answer the expected impact. I cannot assert. However, what's written in the press release, to that extent, based upon that, impact on our business performance is going to be limited. Understood. Thank you so much. Thank you very much, Sasaki-San. Next question comes from Citigroup Securities, Miwa-San. Miwa-San, please start your question. This is Miwa from Citi. Thank you very much for the opportunity. Can you hear me? Yes, we can. I have two questions. First relates to the unrealized gains loss at the bank, and also the second point, the outlook for next fiscal term for the group-wide performance. First point, in terms of the, we had some unrealized gains for the bank as a whole. However, if you are at the next bank, the market is moving, perhaps there is a more unrealized loss on the bond side. My question is, are you planning to do any optimization in terms of the portfolio of the bonds in order to make it more sound? If there are some unrealized loss, would that pose an impact on your dividend policy for the group as a whole? That's the first question. The second question relates to for the ordinary income, JPY 200 billion for FY 2023. Perhaps DM is somewhat challenging. I do believe you are taking various measures as explained. Again, towards this target number, are you going to revisit these number? Or should we just treat it as a market sector? Cause the ROE target, perhaps there's a bit of a divergence from your initial target. Would you continue to uphold the numerical targets? What is your take on these? In terms of Next Bank, your question. Globally, there has been an interest rate hike. The spread is expanding. Given that into perspective, in order to ensure soundness, we would need to conduct the optimization of the portfolio. That is definitely under question. As needed, those have been conducted. The reason why the income improvement is somewhat mild for Daiwa Next Bank is because of these measures. Also, in terms of the dividend policy, 50% of the bottom line. Every 6 months or so, those will be reflected in the dividend policy. 50% or higher, that is the amount that we are committed to. No change whatsoever in terms of our dividend policy as we speak. As far as JPY 200 billion is concerned, ROE 10% is for the cost of capital. Given those into perspective, ROE 10% is necessary. That is the reason why we have posted that number with the JPY 200 billion. Unfortunately, the wholesale division, especially for global division, JPY 69 billion. We were initially hoping to generate more than half from the global markets. Perhaps, now it's becoming much more challenging given the current situation. We do have a diversified business portfolio. We are some business that are lagging, but of course, there are some divisions and businesses that are outperforming. As we speak at this particular juncture, we have no intention to lower, or let's just say, eliminate this JPY 200 billion of target. In terms of global markets, as we had mentioned in November, we may be able to generate JPY 40 billion of cost reduction will be conducted. We do believe this will boost up the revenue. In the past 5 years average, it's just short of JPY 40 billion of ordinary income. That has been the average in the past 5 years. Depending on the market, we do believe they still have a chance to generate that number. For the retail and institutional investors, regardless of those, given this anew market environment, there is need for the market rebalance and additional buying. I would like to capture those needs as much as possible to generate the number. I was able to see the general direction of the strategy. Thank you very much. Mr. Miwa, thank you so much. Let me repeat. If you have questions, please press asterisk 1. The line is open for questions. Let me repeat. If you have questions, please press asterisk and 1 on your keypad. Are there any questions? Next questions are from Ms. Tsujino from Mitsubishi UFJ Morgan Stanley Securities. Tsujino-san, please go ahead. I'm sorry. It does not really related to the third quarter results, but I have a question about the Fund Wrap balance AUM. There are investors who are pursuing lower risks, rather than the commission level, but our performance is always underperforming against the commission that they're paying structure-wise. How much is a portion of those types of AUMs? Those are customers of a security at your company. Are there not so many customers of such? Well... It depends on the definition of the performance. I'd like to share with you this disclosure. For example, the average holding period is over 10 years now. For this duration, for the past 10 years, the average return per year for the conservative stable type of investment is about 3.5% positive. The balanced type return is 5.9% on the average per year. An aggressive active type, 8.2% positive performance. As long as they hold for a long period of time, there's a compounding impact, and also the return is stable and high. This is after the commission. People who hold for long term are benefiting from the positive performance. Well, for 10 years, yes. The period of 10 years includes Abenomics, and there's the period of a strong market before COVID. If you take this 10-year period. Let's take the period over three years after commissions, +1.2% for stability, balance type +3.3%, and active type +5.4%. Those are the levels of positive performance for each type after the deduction of commission. Understood. Thank you. Thank you very much, Tsujino-san. We are still waiting for your question. If you have any question, please press the star key followed by one. We still have some time. It seems as if there are no more questions. With that, we would like to conclude the Q&A session. Thank you all for staying with us until the very end. For Daiwa Securities Group, as we have been repeating this, we are very much focusing on asset-based business. Hybrid business is the main focus. We would like to resilient against the fluctuation within the market. We would like to build a fairly solid and strong, robust system. We would like to ask for your continued support. Thank you very much for your time today.