By Osamu Tsukimori, CBS MarketWatch.com
TOKYO (CBS.MW) - E-Trade Securities, Japan's largest online broker by accounts and assets under management, on Tuesday made a strong debut on the Jasdaq market for start-ups.
The brokerage first traded at 500,000 yen a share and ended at that price, higher than its initial offering price of 400,000 yen. The Nikkei Average fell 0.7 percent.
E-Trade Securities ( JP:8701 : news , chart , profile ), which became a subsidiary of Softbank Investment Corp. /zigman2/quotes/200067066/delayed JP:8473 -0.23% last year, has a licensing agreement with U.S.-based E Trade Financial Corp. /zigman2/quotes/210213433/composite ET +1.14%
For the fiscal first half ended Sept. 30, the company reported parent net income of 2.45 billion yen, up 225.9 percent from 750 million yen a year a year earlier. It expects to post parent net profit of 5.4 billion yen for the year ending next March.
The company said Tuesday after the market closed it will conduct a 3-for-1 stock split next year and changed its dividend forecast to 1,200 yen a share from 3,500 yen a share due partly to the stock split.