Limited Impacts from Toshiba’s Possible Memory Chip Sales in Favor of Japanese Major Banks
We view three scenarios as likely outcomes for Japanese major banks from Toshiba’s intended sales of its memory chip business. We highlight that none of the bank valuations under our coverage will be affected except for the unlikely scenario Toshiba is not able to find any buyer, assuming the injunctive relief filed by Western Digital will be in place for an extended period after the hearing scheduled on July 14, 2017. Our no-moat rating and stable outlook for the banks under our coverage will b...Mitsubishi UFJ Financial Group is financial groups with total assets of Y297,185,019 million as of Mar. 31, 2017. Co. is the holding company for The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Trust and Banking Corporation, Mitsubishi UFJ Securities Holdings Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mitsubishi UFJ NICOS Co., Ltd., and other companies. As a bank holding company, Co. is regulated under the Banking Law of Japan. Its services include commercial banking, trust banking, securities, credit cards, consumer finance, asset management, leasing and many more fields of financial services.
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