Shizuoka Financial Group (5831) 4Q results: No buyback announced, but increased likelihood one will be announced with 1Q results

研报英文原文证据摘录

Shizuoka Financial Group (5831) 4Q results: No buyback announced, but increased likelihood one will be announced with 1Q results

J P M O R G A N Asia Pacific Equity Research

13 May 2026

Shizuoka Financial Group (5831) Overweight

5831.T, 5831 JP

4Q results: No buyback announced, but increased Price (12 May 26):¥2,901

likelihood one will be announced with 1Q results Price Target (Dec-26):¥3,260

Neutral: 4Q net profit was ¥20.8 billion (-6% YoY), exceeding our estimate (¥18.8 Japan Equity Research

billion) by 11%. Net interest income and net fee and commission income were

Banks

stronger than we expected. Larger-than-expected losses on bond sales were offset

by greater-than-expected gains on stock sales. The FY2026 net profit guidance is Takahiro Yano, CFA AC

¥105 billion (+16% YoY; we had expected guidance of ¥100 billion). The DPS (81-3) 6736-8616

takahiro.yano@jpmorgan.com

guidance is ¥98 (our expectation was ¥90). Management did not announce a

Kohichi Takano

buyback, whereas we had expected one of up to ¥20 billion. (81-3) 6736 8621

• Net interest income strong in 4Q; securities portfolio to be restructured kohichi.takano@jpmorgan.comJPMorgan Securities Japan Co., Ltd.

further in FY2026: See Figure 1 for quarterly earnings trends. One reason 4Q

net interest income overshot our estimate was dividend income from

investment trusts. Within net fee and commission income, fees from structured

financing and syndicated loans were strong, as were mortgage origination fees.

Management took losses on bond sales and restructured the bond portfolio in

4Q. Its FY2026 guidance also factors in ¥35 billion in full-year losses on bond

sales (versus ¥47.9 billion in realized losses in FY2025). However, the FY2026