Mitsubishi UFJ Financial Group (8306): 4Q: In line; positive on NP/DPS upside of results/guidance; downside on buyback

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Mitsubishi UFJ Financial Group (8306): 4Q: In line; positive on NP/DPS upside of results/guidance; downside on buyback

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Mitsubishi UFJ Financial Group (8306)

4Q: In line; positive on NP/DPS upside of

results/guidance; downside on buyback

Reiterate Rating: BUY | PO: 3,450 JPY | Price: 2,929 JPY

15 May 2026

Results: 15 May, 16:15; Conference call: 18:30- Equity

In line (upside on NP/DPS, downside on buyback)

Shinichiro Nakamura >>

FY3/26 full-year results: Consolidated PPOP was ¥2,377.3bn (YoY +49% / 106% of Research Analyst

guidance), and consolidated NP was ¥2,427.2bn (YoY +30% / 116% of guidance). Despite BofAS Japan +81 3 6225 8824

recording ¥100bn of bond loss-cutting and ¥200bn of one-off losses from revisions to shinichiro.nakamura@bofa.com

JPY interest-rate hedge operations in 4Q, consolidated NP exceeded our forecast by Yuji Kobayashi >>

11%, driven by strong NII/fee income and equity-method investment gains (also Research Analyst BofAS Japan

contributing to a lower effective tax rate). DPS exceeded guidance by ¥12. Unrealized +81 3 6225 8791

bond gains/losses at end-March (post-hedge) were limited at around -¥100bn combined yuji.kobayashi@bofa.com

for JGBs and foreign bonds. Taisei Okui >> Research Analyst

BofAS Japan

FY3/27 guidance: The company targets consolidated PPOP of ¥2,900.0bn (YoY +22%) +81 3 6225 8947

and NP of ¥2,700.0bn (YoY +11%). While the initial guidance appears realistic, taisei.okui@bofa.com

incorporating one BoJ rate hike (July 2026) and credit costs, NP is 10% above the IFIS

consensus of ¥2,446.0bn, leaving a slightly positive impression (assumptions for a Nikkei

average in the mid-¥50,000 range and equity-related gains appear somewhat Stock Data

conservative).

Price (Common / ADR) 2,929 JPY / 18.48 USD