Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

J. Brian Waterhouse has been covering the Japanese financial sector as an analyst continuously since 1976, working for CLSA, Japaninvest, Rabobank, HSBC Securities, James Capel, Marine Midland Bank of New York and National & Grindlays Bank.  He has been ranked No.1 overall in Japanese banks research in Japan by Asiamoney for 6 of the past 9 years and was runner-up in 2015.  He was awarded the coveted Starmine prize as top Japanese bank stock picker in 2012 and 2014 and was runner-up in 2013.  He frequently appears on TV, radio and in international print media as a commentator on Japanese banking.

Senior Bank Analyst - Japanese Banks

Hachijuni Bank (8359 JP): Cheap with Good Reason

Windamee Research

Japanese Banks

Equity Bottom-Up

<p>Strategically located in the heart of Japan’s wealthiest region, namely the Kanto Region that surrounds the nation’s capital Tokyo, with an asset base in excess of ¥14.57 trillion (US$129.8 billion), <a href="https://www.smartkarma.com/entities/1048" target="_blank" data-smartkarma-citation="entities:1048:1">Chiba Bank (8331 JP)</a> is Japan’s 4<sup>th</sup>-largest regional bank whether measured by assets, deposits or loans.  The bank’s home base is in Chiba Prefecture: one of the few prefectures to see an annual net increase in population thanks to its geographic location next to Tokyo, combined with continuous investment in infrastructure and housing by the prefectural government, and an abundance of job opportunities.  On a forward-looking PER of 10.8x, an historic PBR of 0.61x, a market capitalisation of ¥586.01 billion (US$5.22 billion), and with a daily average turnover of around 3.8 million shares over the last 3 months, Chiba Bank continues to attract investors seeking reasonably-priced alternatives to the ‘crowded trade’ of simply buying the megabanks for Japanese bank sector exposure.</p>

Strategically located in the heart of Japan’s wealthiest region, namely the Kanto Region that surrounds the nation’s capital Tokyo, with an asset base in excess of ¥14.57 trillion (US$129.8 billion), Chiba Bank (8331 JP) is Japan’s 4th-largest regional bank whether measured by assets, deposits or loans.  The bank’s home base is in Chiba Prefecture: one of the few prefectures to see an annual net increase in population thanks to its geographic location next to Tokyo, combined with continuous investment in infrastructure and housing by the prefectural government, and an abundance of job opportunities.  On a forward-looking PER of 10.8x, an historic PBR of 0.61x, a market capitalisation of ¥586.01 billion (US$5.22 billion), and with a daily average turnover of around 3.8 million shares over the last 3 months, Chiba Bank continues to attract investors seeking reasonably-priced alternatives to the ‘crowded trade’ of simply buying the megabanks for Japanese bank sector exposure.

Sumitomo Mitsui Financial Group (8316 JP)

Mitsubishi UFJ Financial (MUFG) (8306 JP)

Chiba Bank (8331 JP):  Chiba 'n Cheerful