Japan Post Bank (7182): FY3/26 briefing: NP ¥1.0tn+ in FY3/29 highly achievable, expect buyback in 1H

研报英文原文证据摘录

Japan Post Bank (7182): FY3/26 briefing: NP ¥1.0tn+ in FY3/29 highly achievable, expect buyback in 1H

estments, and while the short-term impact is viewed as limited, it Price Objective 3,250 JPY

will likely be necessary to monitor medium- to long-term market trends. Date Established 21-Apr-2026

Investment Opinion B-1-7

(2) New CET1 ratio range 11-13% (finalized), but current 9.9% isn’t insufficient 52-Week Range 1,479-3,169 JPY

It was stated that the new CET1 ratio range is a level to be achieved over the medium Market Value (mn) 10,995,827 JPY

term, and that the current level of 9.9% is not considered a capital shortage. As the Market Value ($mn) 69,224 USD

proportion of Japan Government Bond (JGB) investments increases and the pace of Shares Outstanding (mn) 3575.9

profit growth accelerates going forward, the trend of CET1 ratio improvement is clear, Average Daily Value ($mn) 132.1 USD

and it was stated that “consideration of flexible share buybacks based on future capital Free Float 49.4%

levels” is explicitly included as an option even if the ratio is below 11%. BofA Ticker / Exchange JPSTF / TYO

Bloomberg / Reuters 7182 JP / 7182.T

(3) Capital allocation image in MTP period: growth investment/buyback flexible ROE (2026E) 5.2%

The new shareholder return policy appears to be “after implementing a dividend payout Net Dbt to Eqty (Mar-2025A) NA

ratio of 50%, consider growth investment opportunities (around 20% of earnings

accumulation), and if there are no growth investment opportunities, consider additional

share buybacks (also around 20%).” However, management did not clearly specify fixed

percentages for growth investments and share buybacks, stating that share buybacks

will be determined based on growth investment opportunities, performance, and the