Limited Impacts from Toshiba’s Possible Memory Chip Sales in Favor of Japanese Major Banks
We view three scenarios as likely outcomes for Japanese major banks from Toshiba’s intended sales of its memory chip business. We highlight that none of the bank valuations under our coverage will be affected except for the unlikely scenario Toshiba is not able to find any buyer, assuming the injunctive relief filed by Western Digital will be in place for an extended period after the hearing scheduled on July 14, 2017. Our no-moat rating and stable outlook for the banks under our coverage will b...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.
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