Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Consolidated ordinary income increased 8.7% YoY to JPY96.3bn, with ordinary profit rising 24.6% YoY to JPY19.4bn.</li><li>Non-consolidated profit grew 31.1% YoY to JPY13.1bn, driven by higher net interest income and consulting division revenue.</li><li>Loans outstanding rose 9.3% YoY to JPY5.02tn, while deposit balance increased 6.6% YoY to JPY6.43tn.</li></ul>

Consolidated ordinary income increased 8.7% YoY to JPY96.3bn, with ordinary profit rising 24.6% YoY to JPY19.4bn.Non-consolidated profit grew 31.1% YoY to JPY13.1bn, driven by higher net interest income and consulting division revenue.Loans outstanding rose 9.3% YoY to JPY5.02tn, while deposit balance increased 6.6% YoY to JPY6.43tn.

San In Godo Bank (8381 JP): Q3 FY03/25 flash update

<ul><li>Consolidated ordinary income reached JPY63.5bn (+10.3% YoY), with 48.1% of the full-year target achieved. </li><li>Non-consolidated ordinary profit rose to JPY12.1bn (+39.6% YoY), achieving 47.3% of the full-year target. </li><li>Credit costs increased to JPY6.7bn, impacting ordinary profit, but core operating profit grew 12.7% YoY.</li></ul>

Consolidated ordinary income reached JPY63.5bn (+10.3% YoY), with 48.1% of the full-year target achieved. Non-consolidated ordinary profit rose to JPY12.1bn (+39.6% YoY), achieving 47.3% of the full-year target. Credit costs increased to JPY6.7bn, impacting ordinary profit, but core operating profit grew 12.7% YoY.

San In Godo Bank (8381 JP): 1H FY03/25 flash update

<ul><li>Consolidated ordinary profit increased 83.7% YoY to JPY6.6bn, achieving 58.2% of the 1H target.</li><li>Non-consolidated profit rose 557.4% YoY to JPY4.6bn, driven by higher net interest income and consulting division earnings.</li><li>Loans outstanding grew 10.4% YoY to JPY4.8tn, while deposit balance increased 17.0% YoY to JPY6.6tn.</li></ul>

Consolidated ordinary profit increased 83.7% YoY to JPY6.6bn, achieving 58.2% of the 1H target.Non-consolidated profit rose 557.4% YoY to JPY4.6bn, driven by higher net interest income and consulting division earnings.Loans outstanding grew 10.4% YoY to JPY4.8tn, while deposit balance increased 17.0% YoY to JPY6.6tn.

San In Godo Bank (8381 JP): Q1 FY03/25 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>40% of Banks outside the Top 7 (none of which offered H1 guidance) in the TOPIX Banks Index have now changed H1 guidance or reported H1. 2 reported both up.</li>
<li>92% of the others have revised up H1 net income guidance a weighted average of 47%. Net Interest Income, Corporate fees/comms are up, expenses and credit costs are down.</li>
<li>Big tables with data, reasons for guidance changes, and buyback history of each presented below.</li>
</ul>


40% of Banks outside the Top 7 (none of which offered H1 guidance) in the TOPIX Banks Index have now changed H1 guidance or reported H1. 2 reported both up.
92% of the others have revised up H1 net income guidance a weighted average of 47%. Net Interest Income, Corporate fees/comms are up, expenses and credit costs are down.
Big tables with data, reasons for guidance changes, and buyback history of each presented below.


Japan H1 Bank Earnings: Interest/Fees Up, Expenses/Credit Costs Down - Opportunity Abounds, Still

Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

Senior Bank Analyst - Japanese Banks

Windamee Research

Japanese Banks

Tottori Prefecture, in the Chugoku Region of western Japan, is famous for its extensive sand dunes that attract tens of thousands of visitors every year. Tottori is also home to one of Japan’s smallest regional banks, the rather obscure <a href="https://www.smartkarma.com/entities/tottori-bank-ltd" target="_blank" data-smartkarma-citation="entities:13337:1" rel="noopener">Tottori Bank (8383 JP)</a> which celebrates the centenary of its founding later this year.From an investment viewpoint, it appears to be trading on a ‘give away’ price-to-book ratio of just 0.23x.  Dig a little deeper, however, and the bank’s many weaknesses are soon revealed: evident lack of scale, geographically trapped in a shrinking local economy, margins under relentless pressure, a chronically high overhead ratio, little ability to absorb ‘normal’ levels of credit losses and risible RoE and RoA ratios.  This is a bank in need of serious restructuring of its business.  While some domestic entrepreneurs such as <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> might be tempted to take a look at such a bank as an investment opportunity, foreign investors would be well advised to steer clear.  Caveat emptor!  (May the buyer beware!)

Tottori Prefecture, in the Chugoku Region of western Japan, is famous for its extensive sand dunes that attract tens of thousands of visitors every year. Tottori is also home to one of Japan’s smallest regional banks, the rather obscure Tottori Bank (8383 JP) which celebrates the centenary of its founding later this year.From an investment viewpoint, it appears to be trading on a ‘give away’ price-to-book ratio of just 0.23x.  Dig a little deeper, however, and the bank’s many weaknesses are soon revealed: evident lack of scale, geographically trapped in a shrinking local economy, margins under relentless pressure, a chronically high overhead ratio, little ability to absorb ‘normal’ levels of credit losses and risible RoE and RoA ratios.  This is a bank in need of serious restructuring of its business.  While some domestic entrepreneurs such as SBI Holdings (8473 JP) might be tempted to take a look at such a bank as an investment opportunity, foreign investors would be well advised to steer clear.  Caveat emptor!  (May the buyer beware!)

Tottori Bank (8383 JP):  Trapped in the Sands

Japan

The San-in Godo Bank, Ltd. is a regional bank mainly operating in Shimane and Tottori Prefectures.  The Bank offers banking services including deposits, loans, foreign exchange transactions, and securities brokerage.  The San-in Godo Bank also provides financial services such as leasing, credit cards, letter of credit, invests in venture capital, and develops software.

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San In Godo Bank (8381 JP)