SMFG appears less leveraged to BOJ policy changes than MUFG, especially with ~75% less JGBs. It appears a less interesting alpha story; profit weakness in several affiliates, weaker credit metrics.
SUMMARY
(Sign Up to Access)
Get started on the Smartkarma Research Network with a complimentary Preview Pass to:
Unlock all research summaries
Follow top, independent analysts
Receive personalised alerts and emails
Access Briefings, Analytics, and Events
Upgrade anytime to our paid plans for full-length research, real-time analyst discussions, and more.
Join a thriving community of 45,000+ investors, including the top global asset managers managing over $13trn in assets.