reports
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Breakout Brewing? With the 3200-3230 support level holding strong on the S&P 500, we remain constructive over the intermediate-term as outlined in our 11/3/20 Compass. Considering current market dynamics we see eventual decisive breakouts as the most likely outcome for the major averages, which justifies our positive outlook. At the same time, with the S&P 500, Russell 2000, and Nasdaq 100 climbing 7-12% in just over a week and all three testing logical resistance, we believe there is potential...
WBK WESTPAC BANKING CORP. ADS
UHS UNIVERSAL HEALTH SERVICES INC. CLASS B
THC TENET HEALTHCARE CORPORATION
SRCL STERICYCLE INC.
SMFG SUMITOMO MITSUI FINANCIAL GROUP INC. (ADS)
KSF1 SHINHAN FINANCIAL GROUP CO. LTD.
SGRY SURGERY PARTNERS INC.
SEM SELECT MEDICAL HOLDINGS CORPORATION
MTU.N MITSUBISHI TOKYO FINANCIAL GROUP ADS
KBIA KB FINANCIAL GROUP INC. ADS
IX ORIX CORP. ADS
IBN ICICI BANK LIMITED SPONSORED ADR
HDB HDFC BANK LIMITED SPONSORED ADR
HCA HCA HEALTHCARE INC
FMS FRESENIUS MEDICAL CARE AG & CO. KGAA ADS
ENSG ENSIGN GROUP INC.
DVA DAVITA INC.
CYH COMMUNITY HEALTH SYSTEMS INC.
RSG REPUBLIC SERVICES INC.
USPH U.S. PHYSICAL THERAPY INC.
WCN WASTE CONNECTIONS INC.
HNGR HANGER
EHC ENCOMPASS HEALTH CORPORATION
ANB1 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD (ADR)
NABZY NATIONAL AUSTRALIA BANK LTD. ADS
WF. WOORI BANK ADR
- Michael Makdad
Morningstar | 2019 DFAST Results Better Than Last Year, and We Expect ...
The U.S. Federal Reserve released the 2019 results from the Dodd-Frank Act stress tests, or DFAST, that serve to inform regulators, financial markets, and the general public how institutions' capital would withstand a hypothetical set of adverse economic conditions. All 18 of the banks subject to the stress tests this year performed adequately on the most commonly watched measure, the common equity Tier 1 capital ratio. Results were better than last year, with lower average loss rates, better av...
- Michael Makdad
2019 DFAST Results Better Than Last Year, and We Expect No Capital Ret...
The U.S. Federal Reserve released the 2019 results from the Dodd-Frank Act stress tests, or DFAST, that serve to inform regulators, financial markets, and the general public how institutions' capital would withstand a hypothetical set of adverse economic conditions. All 18 of the banks subject to the stress tests this year performed adequately on the most commonly watched measure, the common equity Tier 1 capital ratio. Results were better than last year, with lower average loss rates, better av...
- Michael Makdad
Morningstar | MUFG's Level of Urgency on Cost Reductions Leaves Someth...
Mitsubishi UFJ Financial Group held a briefing for analysts and investors on May 20 to discuss its results for the year ended March. It was Kanetsugu Mike’s first appearance as chief executive of the group since he succeeded chairman Nobuyuki Hirano as CEO in April. We came away with a slightly negative impression as the group seems to lack sufficient urgency about cost reductions, in our view, despite the fact that its consolidated expense ratio rose more than 3 percentage points in the just-...
- Michael Makdad
Morningstar | Mitsubishi UFJ Financial Group Company Report
Mitsubishi UFJ Financial Group is Japan’s largest bank, with an 8.8% share of domestic loans and 11.2% of deposits as of December 2018. In Japan, the environment for banks has been tough for years, and we expect it to remain so. The long-running deflationary environment in the country has led to persistently low demand for loans, with the loan/deposit ratio having declined from 83% in 2000 to around 58% at present. The liabilities/net assets ratio for Japan’s approximately 1 million business...
- Michael Makdad
Mitsubishi UFJ Financial Group Company Report
Mitsubishi UFJ Financial Group’s (MUFG) 40%-owned Acom announced it is provisioning an additional JPY 39.4 billion for future losses on claims of overpaid interest, or kabarai, resulting in a loss of around JPY 15 billion in the March quarter. For MUFG, Acom’s provision should mean additional costs in the March quarter of around JPY 10 billion recognized as “other non-recurring losses†rather than as credit costs. We do not see the loss as likely to put MUFG’s achievement of its full-y...
- Michael Makdad
Morningstar | Acom’s Kabarai Provision Won’t Prevent Mitsubishi UF...
Mitsubishi UFJ Financial Group’s (MUFG) 40%-owned Acom announced it is provisioning an additional JPY 39.4 billion for future losses on claims of overpaid interest, or kabarai, resulting in a loss of around JPY 15 billion in the March quarter. For MUFG, Acom’s provision should mean additional costs in the March quarter of around JPY 10 billion recognized as “other non-recurring losses†rather than as credit costs. We do not see the loss as likely to put MUFG’s achievement of its full-y...
- Michael Makdad
Morningstar | Acom’s Kabarai Provision Won’t Prevent Mitsubishi UF...
Mitsubishi UFJ Financial Group’s (MUFG) 40%-owned Acom announced it is provisioning an additional JPY 39.4 billion for future losses on claims of overpaid interest, or kabarai, resulting in a loss of around JPY 15 billion in the March quarter. For MUFG, Acom’s provision should mean additional costs in the March quarter of around JPY 10 billion recognized as “other non-recurring losses†rather than as credit costs. We do not see the loss as likely to put MUFG’s achievement of its full-y...
- Michael Makdad
Morningstar | MUFG Also Reports Modest Uptick in Credit Costs in 3Q; W...
Mitsubishi UFJ Financial Group (MUFG) reported October-December results similar to those reported by Sumitomo Mitsui Financial Group (SMFG) last week. Similar to SMFG achieving 24% of full-year net profit guidance of JPY 700 billion after 32% and 35% in the fiscal first and second quarters (cumulative progression of 91%), MUFG achieved 23% of its full-year net profit guidance of JPY 950 billion after 33% and 35% in the same period (cumulative progression of 92%). MUFG’s annualized MUFG's ROE d...
- Michael Makdad
MUFG Also Reports Modest Uptick in Credit Costs in 3Q; We Prefer SMFG
Mitsubishi UFJ Financial Group (MUFG) reported October-December results similar to those reported by Sumitomo Mitsui Financial Group (SMFG) last week. Similar to SMFG achieving 24% of full-year net profit guidance of JPY 700 billion after 32% and 35% in the fiscal first and second quarters (cumulative progression of 91%), MUFG achieved 23% of its full-year net profit guidance of JPY 950 billion after 33% and 35% in the same period (cumulative progression of 92%). MUFG’s annualized MUFG's ROE d...
- Michael Makdad
Morningstar | Sale of Kabu and Jibun Stakes Would Aid Flexibility of M...
The Nikkei reported that Mitsubishi UFJ Financial Group, or MUFG, is holding negotiations to sell some of its stakes in Internet brokerage kabu.com and Internet-only bank Jibun Bank to mobile carrier KDDI. If these sales to KDDI take place, they would not affect our fair value estimate for MUFG, which remains JPY 797, 0.64 times book value and 38% above yesterday's closing price. Kabu.com generates about 0.4% of MUFG's total net profit and 10% of the net profit of Mitsubishi UFJ Securities Hold...
- Michael Makdad
Sale of Kabu and Jibun Stakes Would Aid Flexibility of MUFG Internet S...
The Nikkei reported that Mitsubishi UFJ Financial Group, or MUFG, is holding negotiations to sell some of its stakes in Internet brokerage kabu.com and Internet-only bank Jibun Bank to mobile carrier KDDI. If these sales to KDDI take place, they would not affect our fair value estimate for MUFG, which remains JPY 797, 0.64 times book value and 38% above yesterday's closing price. Kabu.com generates about 0.4% of MUFG's total net profit and 10% of the net profit of Mitsubishi UFJ Securities Holdi...
- Michael Makdad
Morningstar | Higher-Than-Expected MUFG Profit Comes From Reversals of...
Mitsubishi UFJ Financial Group posted better-than-expected profit at the bottom line for the July-September quarter owing to JPY 93 billion in write-backs of reserves for losses on loans to borrowers now judged to be less of a risk, but excluding one-time factors, it was another difficult quarter for MUFG. Strong returns from equity method affiliate Morgan Stanley, which contributed 20% of total profit during the period, and growth at Thai subsidiary Bank of Ayudhya could not compensate for the ...
- Michael Makdad
Higher-Than-Expected MUFG Profit Comes From Reversals of Credit Costs ...
Mitsubishi UFJ Financial Group posted better-than-expected profit at the bottom line for the July-September quarter owing to JPY 93 billion in write-backs of reserves for losses on loans to borrowers now judged to be less of a risk, but excluding one-time factors, it was another difficult quarter for MUFG. Strong returns from equity method affiliate Morgan Stanley, which contributed 20% of total profit during the period, and growth at Thai subsidiary Bank of Ayudhya could not compensate for the ...
- Michael Makdad
Morningstar | MUFG' Price for First State Seems Reasonable Given Expos...
Mitsubishi UFJ Financial Group, or MUFG, reached a deal to buy Commonwealth Bank of Australia's international asset-management business Colonial First State Global Asset Management, or CFSGAM, which operates outside Australia as First State Investments. We estimate CFSGAM will add around 2% to MUFG's total profit starting in the year ending March 2020. We view it as incrementally positive news for MUFG, and reiterate our no-moat rating and JPY 797 fair value estimate, 18% above MUFG's current sh...
- Michael Makdad
MUFG' Price for First State Seems Reasonable Given Exposure to Growing...
Mitsubishi UFJ Financial Group, or MUFG, reached a deal to buy Commonwealth Bank of Australia's international asset-management business Colonial First State Global Asset Management, or CFSGAM, which operates outside Australia as First State Investments. We estimate CFSGAM will add around 2% to MUFG's total profit starting in the year ending March 2020. We view it as incrementally positive news for MUFG, and reiterate our no-moat rating and JPY 797 fair value estimate, 18% above MUFG's current sh...
- Michael Makdad
Morningstar | While improving ROE in Japan remains key, we see Asia as...
Mitsubishi UFJ Financial Group, or MUFG, is Japan’s largest bank, with a 9.4% share of domestic loans and 11.6% of deposits as of March 2018. In Japan, the environment for banks has been tough for years and we expect it to remain so. The long-running deflationary environment in the country has led to persistently low demand for loans, with the loan/deposit ratio having declined from 74% in 2000 to around 55% at present. The liabilities/net assets ratio for Japan’s approximately 1 million bus...
- Michael Makdad
Morningstar | In Tough Japanese Banking Market, SMFG Looks Like the Be...
We are transferring coverage of Japan's six largest banking groups, all of which we rate as having no moat and a stable moat trend. This includes the three so-called "megabanks" that together account for 25% of banking-system loans and 29% of deposits: Mitsubishi UFJ Financial Group, or MUFG (8306 JP), Sumitomo Mitsui Financial Group, or SMFG (8316 JP), and Mizuho Financial Group (8411 JP). It also includes three second-tier banks: Sumitomo Mitsui Trust (8309 JP), Resona (8308 JP), and Japan Po...
- Michael Makdad
In Tough Japanese Banking Market, SMFG Looks Like the Best Bet for Fut...
We are transferring coverage of Japan's six largest banking groups, all of which we rate as having no moat and a stable moat trend. This includes the three so-called "megabanks" that together account for 25% of banking-system loans and 29% of deposits: Mitsubishi UFJ Financial Group, or MUFG (8306 JP), Sumitomo Mitsui Financial Group, or SMFG (8316 JP), and Mizuho Financial Group (8411 JP). It also includes three second-tier banks: Sumitomo Mitsui Trust (8309 JP), Resona (8308 JP), and Japan Po...
- Michael Makdad
While improving ROE in Japan remains key, we see Asia as a better oppo...
Mitsubishi UFJ's first quarter was largely in line with expectations with net profit of JPY 315 billion higher against the same period last year and fourth quarter last year. Higher net interest income helped offset lower fee and commission income and trading income while the result also benefited from a reversal in written back loans. Credit costs declined to JPY 27.2 billion from JPY 55.9 billion last quarter and JPY 59 billion the same period last year. This is tracking in line with our forec...
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