Morningstar - Japan Post Bank Co. Ltd. (7182) Japan Post Bank, Lacking Dividend Growth Potential, Is Left Out of Parentâ€™s Offering

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Morningstar

Michael Makdad

EUR 100.00 For Business Accounts Only

Japan Post Bank, Lacking Dividend Growth Potential, Is Left Out of Parentâ€™s Offering

Japan Post Holdings announced that it will sell up to 185 million shares of Japan Post Insurance later this month including greenshoe options for underwriters. After accounting for a share buyback to be conducted by Japan Post Insurance, this means that Japan Post Holdings will own around 62%-65% of Japan Post Insurance, down from 89% currently, while still owning 89% of Japan Post Bank.
The fact that Japan Post Holdings is not lowering its 89% stake in Japan Post Bank at this time, in our opini...

05/04/2019 13 EN

Underlying

Japan Post Bank Co. Ltd.

Japan Post Bank is a commercial banking group based in Japan. Co. is engaged in banking operations as a member of the Japan Post Group with total assets of Y209,568,820 million as of Mar 31 2017. Co.'s principal operations comprise deposit-taking, syndicated loans and other lending, securities investment, domestic and foreign exchange, retail sales of Japanese government bonds and investment trusts as well as insurance products, intermediary services including mortgages, and credit card operations. Co. provides its products and services through a nationwide network of approximately 23,826 post office. In addition Co. maintains a network of 234 banking branches.

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JP3946750001 Japan

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Michael Makdad

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We maintain our no-moat rating on Japan Post Bank and raise our fair value estimate to JPY 957 from JPY 952, 15% below the current share price, as we incorporate information from its results meeting last week. Whereas we view most Japanese bank shares as undervalued, we expect Japan Post Bank to generate an average ROE of only 2.5%, compared with an average of around 6% for other major Japanese banks, yet its price/book ratio of 0.37 times is not much lower. Japan Post Bankâ€™s dividend yield of 4.4% is also slightly below the yields of other major banks, with very little chance of a hike in t...

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Japan Post Bank, Lacking Dividend Growth Potential, Is Left Out of Parentâ€™s Offering

With a more favourable environment, JAPAN POST BANK improves to Positive

Morningstar | New Scheme for Post-Office Fees Could Help Japan Post Bank Cut Costs

Morningstar | New Scheme for Post-Office Fees Could Help Japan Post Bank Cut Costs. See Updated Analyst Note from 27 May 2019

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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