Japan P&C Insurance: 4Q result: MS&AD’s FY3/27 Co.E largely exceeded expectations and positive

Research evidence excerpt

Japan P&C Insurance: 4Q result: MS&AD’s FY3/27 Co.E largely exceeded expectations and positive

Japan - Financials and Property Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

BUY

Daiichi Life Group DCNSF 8750 JP Natsumu Tsujino, CFA

Daishi Hokuetsu Financial Group DSHHF 7327 JP Yuji Kobayashi

Daiwa House Industry DWAHF 1925 JP Takumi Kasai

Gunma Bank GMBKF 8334 JP Yuji Kobayashi

Japan Post Bank JPSTF 7182 JP Shinichiro Nakamura

Kajima Corporation KAJMF 1812 JP Takumi Kasai

Katitas KTITF 8919 JP Takumi Kasai

Kyoto Financial Group KYFGF 5844 JP Shinichiro Nakamura

Mebuki Financial Group MEBUF 7167 JP Yuji Kobayashi

Mitsubishi UFJ Financial Group MUFG MUFG US Shinichiro Nakamura

Mitsubishi UFJ Financial Group MBFJF 8306 JP Shinichiro Nakamura

Mitsui Fudosan MTSFF 8801 JP Takumi Kasai

Mizuho Financial Group MZHOF 8411 JP Shinichiro Nakamura

Mizuho Financial Group MFG MFG US Shinichiro Nakamura

MS&AD Holdings MSADF 8725 JP Natsumu Tsujino, CFA

Nomura Real Estate Holdings NMEHF 3231 JP Takumi Kasai

Obayashi Corporation OBYCF 1802 JP Takumi Kasai

Resona Holdings RSNHF 8308 JP Shinichiro Nakamura

SBI Holdings SBHGF 8473 JP Natsumu Tsujino, CFA

Sompo Holdings NHOLF 8630 JP Natsumu Tsujino, CFA

Sumitomo Mitsui Financial Group SMFNF 8316 JP Shinichiro Nakamura

Sumitomo Mitsui Financial Group SMFG SMFG US Shinichiro Nakamura

Suruga Bank SRGBF 8358 JP Shinichiro Nakamura

T&D Holdings TDHOF 8795 JP Natsumu Tsujino, CFA

Taisei Corporation TISCF 1801 JP Takumi Kasai

Tokio Marine Holdings TKOMF 8766 JP Natsumu Tsujino, CFA

Tokio Marine Holdings TKOMY TKOMY US Natsumu Tsujino, CFA

Tokyo Tatemono TYTMF 8804 JP Takumi Kasai

Tokyu Fudosan Holdings TTUUF 3289 JP Takumi Kasai

NEUTRAL

77 Bank SVSVF 8341 JP Yuji Kobayashi