Hirogin Holdings

研报英文原文证据摘录

Hirogin Holdings

Global Markets Research

Hirogin Holdings 24 July 2026

7337.T 7337 JP / EQUITY: JAPAN BANKS

Share price lagging; lack of near-term catalysts Rating Remains Neutral

Target price

We keep our Neutral rating, focus on efforts to improve ROE Increased from JPY JPY 2,600

1,370

We keep our Neutral rating, see little prospect of share price catalysts in near term

Closing price

We revise our forecasts for Hirogin Holdings in light of 26/3 results and follow-up research. 23 July 2026 JPY 2,270.5

While we take a positive view of the company's initiatives, we retain our Neutral rating as

we think it will take time for these initiatives to bear fruit, and we see little prospect of any Implied upside +14.5%

reassessment of the stock in the near term. Moreover, we envision a greater deterioration

in unrealized gains/losses than at other regional banks under our coverage because of the

recent rise in long-term interest rates caused by concerns about government finances. Relative performance chart

Shift to new themes and emergence of policy effects are key to overcoming share

price lag

For the stock to trade at a premium to other regional banks, as it has in the past, we think

it will need to improve ROE and shareholder returns via the shift in themes that equity

market participants have been focusing on or the emergence of benefits from initiatives.

Growth in deposit income is a key investment theme for bank stocks as interest rates are

currently rising, and we think investors are unlikely to take a favorable view of Hirogin

Holdings' company-specific strengths (strong non-interest income, accumulation of

business lending). We see scope for investors to take a favorable view of the stock if the