Mizuho FG’s Underlying Earnings Remain Weak With Outlook Still Dependent on Capital Market Cycle
We have attended the analyst presentation following Mizuho Financial Group reported better-than-expected semiannual results. We are adjusting our fair value estimate to JPY 190 per share, from JPY 170 per share previously. Our new fair value represents forward price/tangible value around 0.5. Under our updated estimates, we assume that the impact from the negative interest rate environment has already bottomed out, increasing returns on interest-earning assets from 0.6% to 0.7% at the end of our...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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