PSA Financial Services: SBI Holdings (8473 JT) – Migrating from Star Broker to Star Banker
Pelham Smithers reviews the changing face of SBI Holdings. The firm is widely viewed as an online broker with other financial services tagged on. In fact, broking is not its biggest business, instead, it is now banking that accounts for over 50% of core profits. This report explains how the firm developed into the entity it is today and outlines the future value of the SBI Shinsei listing, with a compare and contrast to Rakuten Bank. There is also talk of Ripple Labs being listed so that too needs to be taken into consideration. We wonder whether these two factors are fully reflected in the valuation.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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