Additional share buybacks could bring Shinsei back to life.
We maintain our fair value estimate for Shinsei Bank at JPY 1900 after reviewing the nine-month results, which contain many offsetting items. We do not think the shares offer value at current levels, because the market price is close to our fair value estimate and due to a lack of visibility into the strategic direction of the bank over the next few months.Overall, the results simply reflect the group’s more volatile earning fundamentals as a challenger bank. For the nine months ended Dec. 31, ...
Shinsei Bank is a financial institution providing a full range of financial products and services to both institutional and individual customers with total asset of Y9,456,660 million and 28 branches as of Mar 31 2018. Along with its subsidiaries, Co. provides services and solutions including corporate, financial institutions and public sector finance; real estate finance; project finance; specialty finance; business succession finance; leasing business; market business; asset management; wealth management; securitization; fundraising; risk hedging; retail banking; consumer finance; and ALM (asset and liability management) operations.
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