Lacking profitable retail units and unable to grow aggressively overseas, Mizuho must cut costs.
No-moat Mizuho Financial Group announced first-quarter results that were in line with our estimates and management’s guidance. Our fair value estimate is unchanged at JPY 190.Performance was fairly even across major business lines. Net interest income is tracking last year’s pace, although margins have compressed slightly. Mizuho highlights the performance of its customer groups as particularly strong, having improved by JPY 43.4 billion year over year. Fee income is weak, just like last year’s...
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