Sumitomo Mitsui Trust Group

研报英文原文证据摘录

Sumitomo Mitsui Trust Group

Global Markets Research

27 July 2026Sumitomo Mitsui Trust Group

8309.T 8309 JP / EQUITY: JAPAN BANKS

We keep our Buy rating; markets look to be waiting for new Rating

Remains Buycatalysts

Target price

We look for new president Oyama to demonstrate his prowess Increased from JPY JPY 8,200

5,700

We keep our Buy rating; stock looks highly undervalued, but market awaiting Closing pricecatalysts 24 July 2026 JPY 6,812

We revise our forecasts for Sumitomo Mitsui Trust Group based on our follow-up research

after the company's 26/3 results announcement, also taking into account subsequent Implied upside +20.4%

financial market conditions. We raise our longer-term earnings forecasts overall. We

reflect strong performance in client-facing operations, including corporate operations, as

confirmed by 26/3 results, and an improvement in equity-related income. We raise our Relative performance chart

target price from ¥5,700 to ¥8,200. While the stock looks highly undervalued relative to

sector peers in terms of valuation indicators such as end-26/3 P/B, catalysts for the share

price look scarce in the near term. We look for the company to achieve an asset-light,

high-ROE structure befitting a trust bank in the near future by way of ongoing growth in

non-interest income under inflationary conditions.

Earnings outlook

Our 27/3 forecast for profits attributable to owners of the parent is higher than guidance for

¥380.0bn. While we expect overheads to continue to rise as a result of digital investments,

we think earnings will beat guidance on strong performance in the corporate and retail

segments and the disappearance of the roughly ¥70bn negative impact from moves to

improve the health of the bond portfolio booked in 26/3. We envision sustained