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Sumitomo Mitsui Financial Group Inc 8316 Stock Quote

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Morningstar‘s Stock Analysis 8316

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Is it the right time to buy or sell?

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Weak Yen Helps Japan's Banks Track Full-Year Guidance Despite Bond Losses; We Like SMFG and SMTH

Michael Makdad Senior Equity Analyst

Analyst Note

| Michael Makdad |

We maintain our fair value estimates for Sumitomo Mitsui Financial Group, or SMFG, Mizuho Financial Group, Sumitomo Mitsui Trust Holdings, or SMTH, and Resona Holdings after they reported results for the April-June quarter. We also maintain our fair value estimate for Mitsubishi UFJ Financial Group, or MUFG, which won’t report its results until Tuesday, but its bottom-line figure was previewed ahead of the company announcement by Japan’s Nikkei newspaper on Saturday. There is: 24% upside from Friday’s closing price for SMFG based on our fair value estimate of 0.57 times book; 18% upside for SMTH based on our fair value estimate of 0.70 times book; 15% upside for MUFG based on our fair value estimate of 0.64 times book; 11% upside for Mizuho based on our fair value estimate of 0.50 times book; and just 3% upside for Resona based on our fair value estimate of 0.53 times book, making SMFG and SMTH our top picks, followed by MUFG.

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Key Statistics 8316

Company Profile 8316

Business Description

Sumitomo Mitsui Financial Group is roughly tied with Mizuho Financial Group for the status of Japan’s second-largest bank after Mitsubishi UFJ Financial Group. As of March 2022, its market share of domestic loans was 7.0%, compared with 8.3% for MUFG. It has a larger consumer finance business than the other two megabanks, owning 100% of the Promise business and SMBC Card. It also controls one of Japan’s largest leasing companies and SMBC Aviation Capital, one of the top five aircraft lessors globally. In securities, its SMBC Nikko unit is Japan’s third-largest retail broker, although SMFG has lagged somewhat in institutional securities business and asset management.

1-2, Marunouchi 1-chome, Chiyoda-ku
Tokyo, 100-0005, Japan
T +81 332828111
Industry Banks - Diversified
Most Recent Earnings Jun 30, 2022
Fiscal Year End Mar 31, 2023
Stock Type
Employees 101,000