Research from Mita Securities, Mita Securities

Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Research from Mita Securities

Equity Bottom-Up

<ul><li>1-3Q credit costs are only 31% of the full-year guidance</li><li>Credit costs were 1.147bn yen (vs. 2.352bn yen for 1-3Q FY3/21), progress of only 31% toward the company’s full-year guidance of 3.65bn yen, and 45% toward our forecast of 2.5bn</li><li>The number of new guarantees executed in 1-3Q was 47,305 (+12.6% YoY), 79% progress toward the company’s full-year guidance of 60,000 (+5.1% YoY; same as our forecast)</li></ul>

1-3Q credit costs are only 31% of the full-year guidanceCredit costs were 1.147bn yen (vs. 2.352bn yen for 1-3Q FY3/21), progress of only 31% toward the company’s full-year guidance of 3.65bn yen, and 45% toward our forecast of 2.5bnThe number of new guarantees executed in 1-3Q was 47,305 (+12.6% YoY), 79% progress toward the company’s full-year guidance of 60,000 (+5.1% YoY; same as our forecast)

Zenkoku Hosho (7164): Extremely Low Credit Costs Continuing