SMTH Posts Results Below Our Estimates, Owing to Market Headwinds; Maintaining FVE at JPY 4,300
No-moat-rated SMTH reported results slightly below our estimates, as the group suffered from lower rates domestically and a larger valuation loss on its large foreign bond holding. Wider yield spreads between Japan and the U.S. are adding hedging costs to the group’s large foreign bond holdings. Unlike its larger peers, SMTH does not have a meaningful foreign deposit base to match its foreign asset base, meaning that the group’s funding structure remains exposed to frequent foreign currency move...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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