Shizuoka Financial Group (5831): 4Q: In line; FY3/27 NP guidance effectively beats, but share buyback was postponed

研报英文原文证据摘录

Shizuoka Financial Group (5831): 4Q: In line; FY3/27 NP guidance effectively beats, but share buyback was postponed

Accessible version

Shizuoka Financial Group (5831)

4Q: In line; FY3/27 NP guidance effectively

beats, but share buyback was postponed

Maintain Rating: NEUTRAL | PO: 3,100 JPY | Price: 2,901 JPY

12 May 2026

Results date: 12 May (Tue) 16:00 / Conference call: None Equity

In line

Shinichiro Nakamura >>

FY3/26 full-year results: Parent pre-provision operating profit was JPY64.7bn (YoY -20% Research Analyst

/ 86% progress vs full-year guidance), and consolidated NP was JPY90.5bn (YoY +21% / BofAS Japan +81 3 6225 8824

103% progress), in line with the company guidance with limited surprise. While pre- shinichiro.nakamura@bofa.com

provision operating profit declined YoY due to loss-cutting associated with the Yuji Kobayashi >>

restructuring of the JGB portfolio, consolidated NP achieved 103% progress due to ResearchBofAS JapanAnalyst

upside in gains on stock sales. As of end-March, bond unrealized gains/losses (after +81 3 6225 8791

yuji.kobayashi@bofa.com

hedging) were foreign bond unrealized losses of JPY -29.2bn (JPY -4.0bn vs end-

December) and JGB unrealized losses of JPY -156.9bn (JPY -8.5bn vs end-December), for TaiseiResearchOkuiAnalyst>>

total unrealized losses of JPY -186.1bn (122% of the FY3/27 ordinary profit guidance), BofAS Japan

+81 3 6225 8947

showing a somewhat worsening trend. taisei.okui@bofa.com

FY3/27 guidance: Parent pre-provision operating profit of JPY86.0bn (YoY +33%) and

consolidated NP of JPY105.0bn (YoY +16%) were announced (policy rate assumption:

0.75%). Consolidated NP is in line with our estimate of JPY101.1bn and the IFIS Stock Data

consensus of JPY102.4bn, but with no BoJ rate hikes assumed and credit costs

Price 2,901 JPY