Shinsei’s Earnings Outlook Falling Below Government Targets; Reducing FVE to JPY 180 per Share
We reduce our fair value estimate for Shinsei Bank to JPY 180 per share from JPY 190 previously after incorporating revised management guidance on lower earnings and higher credit costs, which will lead to lower probability for future share buybacks than we previously assumed. Our fair value estimate represents a price/forward book value multiple of 0.6 times and price/forward earnings of 9.3 times, which still track about 10% above the average for Japanese banks, owing to Shinsei's slightly bet...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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