Sumitomo Mitsui Trust Group Inc
8309: XTKS (JPN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥6,337.00 | Qkcxb | Rjpryfg |
Japanese Bank Earnings Offer Little Surprise and FVEs Maintained; Eyes on Kuroda Successor
The recent December-quarter announcements by major Japanese banks failed to surprise us. Our forecasts and fair value estimates are unchanged: JPY 920 for Mitsubishi UFJ Financial Group, or MUFG; JPY 6,050 for Sumitomo Mitsui Financial Group, or SMFG; JPY 1,870 for Mizuho Financial Group; JPY 5,250 for Sumitomo Mitsui Trust Holdings, or SMTH; and JPY 680 for Resona Holdings. We consider all these stocks fairly valued, following a 28% rise in the TOPIX Banks Index over the past three months.