Downsizing Can Help Mizuho Mitigate Half of the Cost Pressures From the IT System Replacements
Mizuho Financial Group reported weak first-half results as expected, and we plan to maintain our JPY 190 fair value estimate and stable moat trend for the no-moat firm. Its underling results remain weak in absence of an earnings catalyst, and more competition means less fee income for traditional banking service providers such as Mizuho. Continuing the weak trend, its returns on equity remain disappointing, hitting a seven-year low at 6.5%, below our cost of capital assumption at 10%. We don’t s...
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