MUFG' Price for First State Seems Reasonable Given Exposure to Growing Asian Asset-Management Market
Mitsubishi UFJ Financial Group, or MUFG, reached a deal to buy Commonwealth Bank of Australia's international asset-management business Colonial First State Global Asset Management, or CFSGAM, which operates outside Australia as First State Investments. We estimate CFSGAM will add around 2% to MUFG's total profit starting in the year ending March 2020. We view it as incrementally positive news for MUFG, and reiterate our no-moat rating and JPY 797 fair value estimate, 18% above MUFG's current sh...Mitsubishi UFJ Financial Group is financial groups with total assets of Y297,185,019 million as of Mar. 31, 2017. Co. is the holding company for The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mitsubishi UFJ Trust and Banking Corporation, Mitsubishi UFJ Securities Holdings Co., Ltd., Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Mitsubishi UFJ NICOS Co., Ltd., and other companies. As a bank holding company, Co. is regulated under the Banking Law of Japan. Its services include commercial banking, trust banking, securities, credit cards, consumer finance, asset management, leasing and many more fields of financial services.
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