Mizuho Remains Exposed to Competition and Without Pricing Power; Maintaining FVE at JPY 190
No-moat-rated Mizuho Financial Group reported weak first-quarter results as expected, and we plan to maintain our JPY 190 fair value estimate, along with our stable moat trend rating. Given the intense competition for traditional loan products seeking low-risk corporate customers, the group’s net interest margin fell 2 basis points sequentially to 0.87%. For nondomestic loans, the bank was unable to offset elevated foreign funding costs as it failed to expand interest income on higher interest r...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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