reports
With a more favourable environment, JAPAN POST BANK improves to Positi...
JAPAN POST BANK (JP), a company active in the Investment Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 11, 2022, the closing price was JPY 1,175.00 and its potential was ...
- Michael Makdad
Morningstar | New Scheme for Post-Office Fees Could Help Japan Post Ba...
We maintain our no-moat rating on Japan Post Bank and raise our fair value estimate to JPY 957 from JPY 952, 15% below the current share price, as we incorporate information from its results meeting last week. Whereas we view most Japanese bank shares as undervalued, we expect Japan Post Bank to generate an average ROE of only 2.5%, compared with an average of around 6% for other major Japanese banks, yet its price/book ratio of 0.37 times is not much lower. Japan Post Bank’s dividend yield of...
- Michael Makdad
Morningstar | New Scheme for Post-Office Fees Could Help Japan Post Ba...
We maintain our no-moat rating on Japan Post Bank and raise our fair value estimate to JPY 957 from JPY 952, 15% below the current share price, as we incorporate information from its results meeting last week. Whereas we view most Japanese bank shares as undervalued, we expect Japan Post Bank to generate an average ROE of only 2.5%, compared with an average of around 6% for other major Japanese banks, yet its price/book ratio of 0.37 times is not much lower. Japan Post Bank’s dividend yield of...
- Michael Makdad
New Scheme for Post-Office Fees Could Help Japan Post Bank Cut Costs
We maintain our no-moat rating on Japan Post Bank and raise our fair value estimate to JPY 957 from JPY 952, 15% below the current share price, as we incorporate information from its results meeting last week. Whereas we view most Japanese bank shares as undervalued, we expect Japan Post Bank to generate an average ROE of only 2.5%, compared with an average of around 6% for other major Japanese banks, yet its price/book ratio of 0.37 times is not much lower. Japan Post Bank’s dividend yield of...
- Michael Makdad
Morningstar | Japan Post Bank, Lacking Dividend Growth Potential, Is L...
Japan Post Holdings announced that it will sell up to 185 million shares of Japan Post Insurance later this month including greenshoe options for underwriters. After accounting for a share buyback to be conducted by Japan Post Insurance, this means that Japan Post Holdings will own around 62%-65% of Japan Post Insurance, down from 89% currently, while still owning 89% of Japan Post Bank. The fact that Japan Post Holdings is not lowering its 89% stake in Japan Post Bank at this time, in our opin...
- Michael Makdad
Japan Post Bank, Lacking Dividend Growth Potential, Is Left Out of Par...
Japan Post Holdings announced that it will sell up to 185 million shares of Japan Post Insurance later this month including greenshoe options for underwriters. After accounting for a share buyback to be conducted by Japan Post Insurance, this means that Japan Post Holdings will own around 62%-65% of Japan Post Insurance, down from 89% currently, while still owning 89% of Japan Post Bank. The fact that Japan Post Holdings is not lowering its 89% stake in Japan Post Bank at this time, in our opini...
- Michael Makdad
Morningstar | Japan Post Bank Reports Weakest Quarter Since IPO on Hig...
Japan Post Bank reported its lowest quarterly profit since listing in 2015, with the weakness driven by higher currency hedging costs on its JPY 60 trillion portfolio of foreign securities. Its annualized return on equity of 1.6% compares with its post-IPO average of 2.7%. Japan Post Bank, which has the most deposits of any institution in Japan at JPY 180 trillion but only JPY 6 trillion in loans, continues to gradually shift its portfolio toward foreign bonds and risk assets as its older holdin...
- Michael Makdad
Japan Post Bank Reports Weakest Quarter Since IPO on Higher Hedging Co...
Japan Post Bank reported its lowest quarterly profit since listing in 2015, with the weakness driven by higher currency hedging costs on its JPY 60 trillion portfolio of foreign securities. Its annualized return on equity of 1.6% compares with its post-IPO average of 2.7%. Japan Post Bank, which has the most deposits of any institution in Japan at JPY 180 trillion but only JPY 6 trillion in loans, continues to gradually shift its portfolio toward foreign bonds and risk assets as its older holdin...
- Michael Makdad
Morningstar | Japan Post Bank Enjoys Some Stability in Latest Quarter,...
Japan Post Bank reported a similar quarter for July-September (the second quarter of the fiscal year ending March 2019) as it did three months ago for the April-June first fiscal quarter, with net revenue down 5% year on year and operating profit down 18% amid flat expenses. However, we think it will face challenging conditions in the second half of the year. Both the U.S. dollar London interbank offered rate and the cross-currency basis, which is the basis spread added to Libor when using forei...
- Michael Makdad
Japan Post Bank Enjoys Some Stability in Latest Quarter, but Hedging C...
Japan Post Bank reported a similar quarter for July-September (the second quarter of the fiscal year ending March 2019) as it did three months ago for the April-June first fiscal quarter, with net revenue down 5% year on year and operating profit down 18% amid flat expenses. However, we think it will face challenging conditions in the second half of the year. Both the U.S. dollar London interbank offered rate and the cross-currency basis, which is the basis spread added to Libor when using forei...
- Michael Makdad
Morningstar | Japan Post Bank's lack of a lending business makes it di...
Japan Post Bank has more customer deposits than any other financial institution in Japan (15% of all deposits) but differs from a typical bank in that it makes few loans (less than 4% of its total assets) and instead invests in securities on the asset side of its huge balance sheet, making it more like a deposit-funded investment pool. It was converted from a former government agency into a business corporation in 2007 and partly privatized in 2015 when its parent company Japan Post Holdings sol...
- 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
Morningstar | Japan Post Bank's lack of a lending business makes it di...
Japan Post Bank has more customer deposits than any other financial institution in Japan (15% of all deposits) but differs from a typical bank in that it makes few loans (less than 4% of its total assets) and instead invests in securities on the asset side of its huge balance sheet, making it more like a deposit-funded investment pool. It was converted from a former government agency into a business corporation in 2007 and partly privatized in 2015 when its parent company Japan Post Holdings sol...
- Michael Makdad
Japan Post Bank's lack of a lending business makes it difficult to bri...
Japan Post Bank has more customer deposits than any other financial institution in Japan (15% of all deposits) but differs from a typical bank in that it makes few loans (less than 4% of its total assets) and instead invests in securities on the asset side of its huge balance sheet, making it more like a deposit-funded investment pool. It was converted from a former government agency into a business corporation in 2007 and partly privatized in 2015 when its parent company Japan Post Holdings sol...
- Mari Kumagai
- Mari Kumagai
Japan Post Bank's large upside is limited by the mandate to maintain t...
Japan Post Bank’s, or JPB's, first-half business update reaffirms our thesis that the policy bank can improve its structural advantage from its unique status as the “retail investment bank.†JPB continues to benefit from the most comprehensive relationship with rural communities and the best-in-class invest returns from larger non-JGB portfolio or satellite portfolio seeking excess returns. The solid results, with predictable upswings from strong investment performance, do not affect our n...
- Mari Kumagai
Japan Post Bank's large upside is limited by the mandate to maintain t...
Japan Post Bank’s, or JPB's, first-half business update reaffirms our thesis that the policy bank can improve its structural advantage from its unique status as the “retail investment bank.†JPB continues to benefit from the most comprehensive relationship with rural communities and the best-in-class invest returns from larger non-JGB portfolio or satellite portfolio seeking excess returns. The solid results, with predictable upswings from strong investment performance, do not affect our n...
- Mari Kumagai
Japan Post Bank's large upside is limited by the mandate to maintain t...
Japan Post Bank’s, or JPB's, first-half business update reaffirms our thesis that the policy bank can improve its structural advantage from its unique status as the “retail investment bank.†JPB continues to benefit from the most comprehensive relationship with rural communities and the best-in-class invest returns from larger non-JGB portfolio or satellite portfolio seeking excess returns. The solid results, with predictable upswings from strong investment performance, do not affect our n...
- Mari Kumagai
Japan Post Bank’s Transformation into Retail Investment Bank Drives ...
Japan Post Bank’s, or JPB's, first-half business update reaffirms our thesis that the policy bank can improve its structural advantage from its unique status as the “retail investment bank.†JPB continues to benefit from the most comprehensive relationship with rural communities and the best-in-class invest returns from larger non-JGB portfolio or satellite portfolio seeking excess returns. The solid results, with predictable upswings from strong investment performance, do not affect our n...
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