Mizuho Financial Group

Research evidence excerpt

Mizuho Financial Group

and beyond, we expect sustained contributions to profit growth from, for instance, Performance / Stock price data

growth in domestic and global loan/deposit operations and non-interest income, mainly from (%) 1M 3M 12M

transactions with major corporations, along with ongoing efforts to manage overhead (and the Absolute returns 6.8 22.1 106.6

overhead ratio). Our forecasts assume that the BOJ will eventually raise its policy rate to Relative to 3.6 11.4 58.3 Russell/Nomura Large

1.25%. However, we use cautious assumptions for the impact on earnings from the yield curve Cap

shape and balance sheet composition. Over the longer term, we look for the company to Market capitalization (¥bn) 20,065.4

diversify and deepen its overseas corporate & investment banking business, and to reap the 52-week low stock price (¥) 3,970

benefits of initiatives to improve returns on risk assets. 52-week high stock price (¥) 8,551

Shares outstanding (mn) 2,442.8

Points to watch: Will the company be able to achieve stable growth while advancing Daily turnover (3-M avg) (¥mn) 73,554.2

and enhancing its growth strategies? Note: Market capitalization and shares

With the company bolstering its capital base, we will be watching to see whether management's outstanding in this table include treasury stock.

Source: LSEG, Nomura

focus on stabilizing its earnings base and on fiscal discipline will allow it to deliver to investors

the value afforded by stable growth. We hope to see the company's growth strategy evolve and

become more fleshed out, as management is strongly mindful of performance at global peers

and is starting to share its growth strategies with equity investors to some extent. Research Analysts

Japan banksEarnings table Ken Takamiya - NSC