Shinsei's More Volatile Earning Fundamentals Requires More Management Actions with Little Upside
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, ...
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