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 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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