MUFG’s Likely Capital Return Enhancement Would Offset Low Growth Prospects Over the Next Seven Years
No-moat-rated Mitsubishi UFJ Financial Group’s updated management strategy does not provide us with sufficient confidence to overcome the increased execution risk and increasing competitive pressures surrounding the country’s largest financial group over the next seven years. For fiscal 2017, management is guiding for continued negative earnings impacts from negative interest rates equating to JPY 88 billion, leading to no growth in net profits of JPY 950 billion. After various adjustments in bo...
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