First Read: Fukuoka Financial Group "Transition from traditional commercial..."

研报英文原文证据摘录

First Read: Fukuoka Financial Group "Transition from traditional commercial..."

Global Research

11 June 2026ab

First Read

EquitiesFukuoka Financial Group

Transition from traditional commercial banking: Japan

Valuation upside driven by expansion of non- Banks, Ex-S&L

12-month rating Buy

interest income

12m price target ¥8,000

Prior : ¥7,600

We reiterate our Buy rating Price (11 Jun 2026) ¥6,690

Based on the current market environment and recent results, we have reviewed our RIC: 8354.T BBG: 8354 JP

earnings forecast and are adjusting our price target from ¥7,600 to ¥8,000 (our

investment rating is unchanged). The most notable evaluation point lies in the Trading data and key metrics

company’s thorough diversification of its earnings structure and restructuring of its 52-wk range ¥7,293-3,857

securities portfolio based on management's clear intentions, rather than just being Market cap. ¥1,279b/US$7.97b

satisfied with its robust business foundation as one of the largest regional bank groups Shares o/s 191m (ORD)

in Japan and benefits from macro-level interest rate rises. It is likely to be particularly Free float 93%

noteworthy in terms of Fukuoka FG's structural change that the company has Avg. daily volume ('000) 657

materialised an alliance project for Minna Bank, which had been in an initial investment Avg. daily value (m) ¥4,230.6

phase, and that diversified investments in funds and others are beginning to drive Common s/h equity (03/27E) ¥1097b

growth of gross business profit strongly. P/BV (03/27E) 1.2x

Tier 1 ratio 12%

Revising our earnings forecast

Based on the latest results and the current market environment, we are adjusting our EPS (reported, basic) (¥)

earnings forecasts. We forecast solid earnings, with +19.3% growth (CAGR for FY3/26- From To % ch Cons.