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Japan Research Pack

类型:投资策略  机构:野村国际(香港)有限公司   研究员:野村国际(香港)研究所  日期:2017-05-10
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In 17/3, profits attributable to owners of the parent were ¥352.2bn, short of our¥375.0bn forecast, primarily because of ¥49.5bn in net one-time losses in Q4. Thecompany forecasts 18/3 profits attributable to owners of the parent of ¥400bn, in linewith our previous forecast (unchanged). We view the results as favorable as they pointto sustained profit growth. We also take a favorable view of enhancements toshareholder return policies in the form of share buybacks and dividend increases. Weraise our target P/B to 1.3-1.4x, from 1.3x previously, in view of improved cashgenerating capacity and shareholder return policies. Our target price of ¥2,070 is basedon end-17/3 BPS of ¥1,533 and the target P/B.

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