The Brexit Vote Result Means Additional Headwinds ForJapanese Banks

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Equity Bottom-Up

We are lowering our fair value estimate to JPY 310 from JPY 400 per share as we adjust our forecast to reflect higher uncertainty over the near term and lower economic growth over the medium term.The Brexit result was a clear negative for independent investment banks with repeated failures in expanding the global fixed-income franchise. In our revised base-case scenario, we assume lower equity growth from lower earnings accumulation at a slightly faster rate than earnings growth.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

We are lowering our fair value estimate to JPY 310 from JPY 400 per share as we adjust our forecast to reflect higher uncertainty over the near term and lower economic growth over the medium term.The Brexit result was a clear negative for independent investment banks with repeated failures in expanding the global fixed-income franchise. In our revised base-case scenario, we assume lower equity growth from lower earnings accumulation at a slightly faster rate than earnings growth.Analysts: Mari Kumagai &amp; Michael Wu, CAIA

Nomura Continues to Suffer from Negative Implications from Misaligned Management Assumptions

Nomura Holdings

Nomura Continues to Suffer from Negative Implications from Misaligned Management Assumptions