Sumitomo Mitsui Trust Holdings Inc

8309: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎5,566.00	Xhrc	Nqytxwc

Japan Banks: We Maintain Our Fair Value Estimates After BOJ Meeting and Coverage Transfer

Michael Makdad

Sep 20, 2024

We transfer five Japanese banks to a new coverage analyst with minor tweaks to our earnings forecasts that do not change our fair value estimates for the Tokyo-listed shares. Our fair value estimates for Mitsubishi UFJ Financial Group's, or MUFG, and Mizuho Financial Group's ADRs rise by 9% each to $12.25 and $4.61, respectively, due to 9% appreciation in the Japanese yen against the US dollar.

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