Possible Acquisition of an Indonesian Bank Does Not Affect FVE for MUFG; Shares Still Undervalued
Media reports of Nov. 9 are speculating that no-moat Mitsubishi UFJ Financial Group, or MUFG, aims to acquire a 40% stake in Indonesian bank Danamon for JPY 200 billion through Bank of Tokyo-Mitsubishi UFJ, or BTMU. This does not affect our long-term view and fair value estimate for MUFG. Even if the deal proceeds, the likely impacts are small in the context of the group’s enormous balance sheet of JPY 303 trillion. We think the stock remains undervalued with a price/fair value ratio of 0.86 tim...
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