Retail Banking Remains Competitive for Resona, Shares Overvalued
We increase our fair value estimate to JPY 650 per share from JPY 590 per share as we update our interest forecast. This is also reflected in a lower cost of equity assumption of 9.2% from 10%. In our view, the third-quarter result was stable and within expectations if we exclude the larger-than-expected tax benefits of JPY 70 billion from the merger with Kansai Mirai Holdings. The results do not affect our no-moat rating and stable moat trend.Arguably, Resona benefits the most from higher sens...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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