Report
Mari Kumagai

Mizuho’s Earnings Continue to Underwhelm; FVE Unchanged

No-moat Mizuho Financial Group's, or MFG's, fiscal 2017 results continued the weak trend that characterized its recent earnings releases, although it does not change our thesis for the company. As we previously highlighted, we agree with management’s assessment that weak earnings power and high operating costs are critical concerns for the group. Management’s structural reform plan is the most aggressive cost-cutting plan of all the megabanks. We have confidence in these initiatives, given the g...
Underlying
Mizuho Financial Group Inc.

Mizuho Financial Group is a financial holding company with total assets of Y204,255,642 million as of Mar 31 2018. Retail & Business Banking Company provides financial services for individual customers and SMEs. Corporate & Institutional Company provides financial services for large corporations, financial institutions and public corporations. The Global Corporate Company provides financial services for Japanese overseas affiliated corporate customers and non-Japanese corporate customers. Global Markets Company invests in financial products with market risk. The Asset Management Company develops financial products and provides financial services for individuals and institutional investors.

Provider
Morningstar
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.

Analysts
Mari Kumagai

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