MUFG Remains Undervalued After in Line Fiscal 2017 Result
No-moat Mitsubishi UFJ Financial Group, or MUFG's, fourth-quarter and full-year results were within our expectations. Excluding one-off items, full-year net income of JPY 1.04 trillion was largely in line with our JPY 1 trillion forecast. Along with the full-year result, the bank announced its next medium-term plan covering its strategy over the next three years to fiscal 2020. While financial targets were provided, we believe investors should focus on the initiatives proposed. The initiatives a...
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