Mizuho's Cost-Cutting Plans Look Laudably Aggressive, but May Not Come Soon Enough
We lower our fair value estimate for no-moat Mizuho Financial Group to JPY 175 from JPY 199 as we roll our model forward and incorporate information from the new five-year business plan.Mizuho on May 22 held a briefing to discuss the plan, aimed at first stopping and then reversing the trend of declining profits that has affected it even more severely than other large Japanese banks. Like megabank rivals Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, Mizuho’s net interest ...
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