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...Sumitomo Mitsui Trust Holdings is a holding company engaged in the management of Sumitomo Mitsui Trust Group Companies. Co.'s main business activities are banking, asset management and administration, and real estate. Co.'s banking business offers retail banking services throughout Japan; wholesale banking services to corporate clients; and marketable financial products for investment and risk management needs Co.'s asset management and administration business provides various products including pension plan for institutional investors and investment trusts primarily for individual clients. Co.'s real estate business offers a full line of real estate related transaction services.
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