金融セクター: BofA 金融Weekly 2026年6月22日号

Research evidence excerpt

金融セクター: BofA 金融Weekly 2026年6月22日号

銀行

図表 11: MUFG のバリュエーションはG-SIBs 平均対比やや割安 図表 12: 3 メガではMUFG やや割安、地銀はスルガ/めぶき/群馬

グローバルPBR(直近)-ROE (FY26) マトリクス +第四北越が割安

カバレッジ行PBR (直近)-ROE(FY3/27) マトリクス

3.2

GSIBs (all) Goldman Sachs 3.0 1.8 Mizuho GSIBs (EU, China) Buy Resona 2.8 1.7 GSIBs (US, Australia) y = 24.234x - 1.1718 MUFG Neutral

2.6 R² = 0.6552 1.6 Yokohama Underperform SMFG

2.4 JP Morgan Chase 1.5 Chiba

y = 10.77x + 0.2871 2.2 Shizuoka y = 21.952x - 0.6121 1.4 R² = 0.6418 Gunma

2.0 National Aus Bank R² = 0.7764 1.3 JPB

Suruga HSBC UniCredit Kyoto Fukuoka 1.8 Mizuho 1.2 Mebuki Westpac Bank Corp SMFG MUFG UBS

1.6 ANZ Banking Group 1.1 Shiga SBI Shinsei

1.4

Citigroup Standard Chartered Wells Fargo 1.0 77 SMTG Gunma+Daishi

1.2 0.9 Hokuetsu

Hachijuni 1.0 Societe Generale Barclays 0.8 Nagano Daishi Hokuetsu

0.8 Aozora

0.6 Bank of China ABC BNP Paribas y = 16.517x - 0.6963 0.7 JPHD

R² = 0.8551 0.6

0.4 ICBC CCB

0.5

0.2

6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 0.4

3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13%

出所: Bloomberg, BofA Global Research estimates. Note: current PBR and FY26 BofAe ROE

(FY3/27 for MUFG/SMFG/Mizuho, FY12/26 for the others). GSIBs (EU,China) excludes UBS. GSIBs 出所: Bloomberg, BofA Global Research estimates.

(Japan, US, Australia) excludes Commonwealth BofA GLOBAL RESEARCH

BofA GLOBAL RESEARCH

図表 13: 12 月会合での利上げ観測が強まりPBR は上昇基調 図表 14: 地銀のPBR も改善傾向でトップ地銀は1.1-1.4 倍程度

実績PBR 推移: 大手行 実績PBR 推移: 地銀

1.8 1.8 Resona Yokohama Chiba

MUFG SMFG Mizuho

FFG Shizuoka Suruga

SMTG JPB Aozora

1.6 Seven SBI Shinsei 1.6 Kyoto 77 Hachijuni Nagano

Gunma Daishi Hokuetsu Mebuki

1.4 Shiga 1.4

1.2

1.0

0.8

0.8 0.6

0.6 0.4

0.2 0.4

0.0

0.2 21-Apr 21-Oct 22-Apr 22-Oct 23-Apr 23-Oct 24-Apr 24-Oct 25-Apr 25-Oct 26-Apr

21-Apr 21-Oct 22-Apr 22-Oct 23-Apr 23-Oct 24-Apr 24-Oct 25-Apr 25-Oct 26-Apr