Faster-Than-Expected Fall in Core Performance Metrics at Mizuho; Shares Overvalued
We plan to maintain our fair value estimate for Mizuho at JPY 190 per share after making several offsetting adjustments to our updated interest-rate forecast. Unfortunately, Mizuho's earning asset mix suggests it has relatively low sensitivity to rate rises, with the lowest historical yields on interest-earning assets among its peers at around 0.86%, and the highest weight of noninterest revenue at near 60%. Continuing the weak trend, its return on equity remains disappointing, hitting a seven-y...
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