Morningstar

Sumitomo Mitsui Trust Holdings Inc 8309

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Stock XTKS Rating as of
¥‎3,409.00 −75.00 (2.15%)
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As of Delayed Price Closed

Company Report

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Japan Banks: We Maintain Our Fair Value Estimates After BOJ Meeting and Coverage Transfer

Michael Makdad

We transfer five Japanese banks to a new coverage analyst with minor tweaks to our earnings forecasts that do not change our fair value estimates for the Tokyo-listed shares. Our fair value estimates for Mitsubishi UFJ Financial Group's, or MUFG, and Mizuho Financial Group's ADRs rise by 9% each to $12.25 and $4.61, respectively, due to 9% appreciation in the Japanese yen against the US dollar.

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Price vs Fair Value

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8309 is trading at a 480% premium.
Price
¥‎3,409.00
Fair Value
¥‎9,615.00
Uncertainty
Medium
1-Star Price
¥‎4,235.20
5-Star Price
¥‎6,127.00
Economic Moat
Fmnc
Capital Allocation
Yybykxyym

Bulls Say, Bears Say

Bulls

SMTH in 2021 became the first major Japanese bank to commit to reducing its equity holdings, which are a drag on capital, to zero in coming years.

Bears

In a scenario in which Japanese interest rates rise, SMTH has less operational gearing given its higher weighting of fees in the revenue mix.

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News

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Trading Information

Previous Close Price
¥‎3,484.00
Day Range
¥‎3,371.00–3,435.00
52-Week Range
¥‎2,561.50–3,937.00
Bid/Ask
¥‎3,399.00 / ¥‎3,410.00
Market Cap
¥‎2.45 Tril
Volume/Avg
3.0 Mil / 2.7 Mil

Key Statistics

Price/Earnings (Normalized)
21.47
Price/Sales
1.99
Dividend Yield (Trailing)
3.74%
Dividend Yield (Forward)
3.74%
Total Yield
4.60%

Company Profile

Sumitomo Mitsui Trust Holdings is the fifth-largest Japanese bank by assets and revenue, with a market share of domestic loans of 3.1% as of March 2024. It is the only remaining standalone trust bank after the late 1990s deregulation removed legal barriers between commercial banking and trust functions in Japan; its former rivals in trust banking merged and became units of Mitsubishi UFJ FG and Mizuho. It has no capital ties with Sumitomo Mitsui FG, despite the similar name and common ties to Sumitomo and Mitsui group companies. In fiduciary services, SMTH is the market leader in Japan in total assets under custody. It is the largest manager of corporate pension funds and trails only Nomura in investment trusts.
Sector
Financial Services
Industry
Banks - Regional
Stock Style Box
Large Core
Total Number of Employees
25,311
Website
https://www.smth.jp

Competitors

Valuation

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Metric
8309
STT
BK
Price/Earnings (Normalized)
 21.4711.2913.40
Price/Book Value
 0.791.181.45
Price/Sales
 1.992.263.12
Price/Cash Flow
 17.159.0410.81
Price/Earnings
8309
STT
BK

Financial Strength

Metric
8309
STT
BK
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
8309
STT
BK
Return on Assets (Normalized)
 0.14%0.79%1.02%
Return on Equity (Normalized)
 3.45%11.01%11.87%
Return on Invested Capital (Normalized)
 ———
Return on Assets
8309
STT
BK

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