Initiating Coverage of Resona Holdings With FVE of JPY 590; Shares Slightly Undervalued
We are initiating coverage of Resona Holdings with a fair value estimate of JPY 590, equivalent to 8.7 times our forward earnings estimate and 0.7 times our forward book value estimate. The stock price has underperformed the Topix bank sector by 8% in the year to date, and shares are currently trading close to our fair value estimate. We think some upside would emerge if the group were to deploy its excess cash position, representing as much as 25% of total assets, to higher-yield assets.ÂWe d...
Resona Holdings is a holding company engaged in the management and supervision of banking and other subsidiaries as well as other ancillary activities. As of Mar 31 2017, Co. has total assets of 48,456,133 million. The Resona Group is a financial group comprising three banks (Resona Bank, Ltd., Saitama Resona Bank, Ltd. and The Kinki Osaka Bank, Ltd.) controlled by Co. Co., through its subsidiaries and associated companies, is engaged in the provision of financial services, including banking, trust operation, credit card services, venture capital business, factoring service and investment trust entrusted business.
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