Japan Post Insurance (7181): Downgrade to Underperform on higher valuation

研报英文原文证据摘录

Japan Post Insurance (7181): Downgrade to Underperform on higher valuation

Japan - Financials and Property Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

Credit Saison CSASF 8253 JP Natsumu Tsujino, CFA

Daiichi Life Group DCNSF 8750 JP Natsumu Tsujino, CFA

Daishi Hokuetsu Financial Group DSHHF 7327 JP Yuji Kobayashi

Daiwa Securities Group DSECF 8601 JP Natsumu Tsujino, CFA

Gunma Bank GMBKF 8334 JP Yuji Kobayashi

Hachijuni Nagano Bank HACBF 8359 JP Yuji Kobayashi

ORIX ORXCF 8591 JP Natsumu Tsujino, CFA

ORIX IX IX US Natsumu Tsujino, CFA

Sekisui House SKHSF 1928 JP Takumi Kasai

Shiga Bank SGBKF 8366 JP Yuji Kobayashi

Shimizu Corporation SHMUF 1803 JP Takumi Kasai

Sony Financial Group SFGRF 8729 JP Natsumu Tsujino, CFA

Sumitomo Realty & Development SURDF 8830 JP Takumi Kasai

T&D Holdings TDHOF 8795 JP Natsumu Tsujino, CFA

Tokyo Century TCNRF 8439 JP Natsumu Tsujino, CFA

UNDERPERFORM

77 Bank SVSVF 8341 JP Yuji Kobayashi

Aozora Bank AOZOF 8304 JP Shinichiro Nakamura

Daito Trust Construction DITTF 1878 JP Takumi Kasai

Fukuoka Financial Group FKKFF 8354 JP Shinichiro Nakamura

Haseko Corporation HSKCF 1808 JP Takumi Kasai

Japan Post Insurance JPPIF 7181 JP Natsumu Tsujino, CFA

Mitsubishi HC Capital MIUFF 8593 JP Natsumu Tsujino, CFA

SBI Shinsei Bank XJYWP 8303 JP Shinichiro Nakamura

Seven Bank SEBNF 8410 JP Shinichiro Nakamura

Sumitomo Mitsui Trust Group CMTDF 8309 JP Shinichiro Nakamura

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales