Asset Light Is the Right Strategy for Undervalued SMFG; Lifting the FVE to JPY 5,000 per Share
We are increasing our fair value estimate for Sumitomo Mitsui Financial Group, or SMFG, to JPY 5,000 per share from JPY 4,500 per share as we increase our confidence in the group’s “asset light†strategy and sustainable cost saving initiatives from digital banking. A growing contribution from larger equity affiliates that operate outside the Banking Acts means that the quality of earnings will improve as the group will benefit from lower regulatory cost and larger revenue base outsider regulator...Sumitomo Mitsui Financial Group is a holding company of the group mainly engaged in the provision of finance services. Co. offers services include deposits, loans, securities transaction, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, security investment trust and insurance over-the-counter sales; leasing business; securities business; consumer finance, automobile sale finance business, venture capital business, business consulting, membership business, loan business, factoring, system development, information processing, money collection, swap related and investment adviser, among others.
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