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Sector Outlook ( english | Japanese version ) Aug 31, 2010
Japanese and European Financials vs. Exporters
Sector Non-Bank Market Cap
Author Walter,Altherr Pages 13
It's Different This Time
Sector Outlook ( english | Japanese version ) Aug 23, 2010
Global Financials
Sector Non-Bank Market Cap
Author Walter,Altherr Pages 51
Growth vs. Value, Exporters vs. Financials, AFLAC
Dai-ichi Life Insurance (8750) ( english | Japanese version ) Aug 17, 2010
Report on analyst meeting: plenty of time before new capital regulations
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 3
On 16 August, we attended a meeting for analysts held by Dai-ichi Life Insurance. The meeting confirmed our impression that the company is generating cash while improving its capital and risk management. While discussion centered on issues of necessary capital amid the current murky outlook for the financial market environment, we believe that the company has ample leeway to secure the necessary capital before the adoption of capital regulations. We are focusing instead on the generally favorable business environment enjoyed by the company's mainstay insurance business.
Sector Outlook ( english | Japanese version ) Aug 17, 2010
AFLAC Inc.
Sector Non-Bank Market Cap
Author Walter,Altherr Pages 45
Can it contine to enjoy the "best of both worlds"?
NKSJ Holdings (8630) ( english | Japanese version ) Aug 13, 2010
Hoping to see more rapid progress in scaling back strategic shareholdings
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
NKSJ Holdings announced its 1Q FY3/11 earnings results on 13 August, reporting a healthy RP figure that was 49% of the full-year target. The company nevertheless left its full-year targets unchanged, citing the uncertain outlook for the asset management environment. None of the reported earnings items came as a particular surprise. The company sold off just JPY4.3b of its strategic shareholdings (on a market value basis) in 1Q, for only weak progress towards the goal in its medium-term business plan of reducing its strategic shareholdings by JPY300.0b over three years.
MS&AD Insurance Group Holdings (8725) ( english | Japanese version ) Aug 12, 2010
Earnings improvement expected in the nonlife insurance business
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
On 12 August, MS&AD Insurance Group (MS&AD) reported its earnings results for 1Q FY3/11. As of the end of 1Q, the company had achieved 84% of its 1H RP goal. Concurrent with its earnings results announcement,management unveiled a plan for share buybacks (a maximum of JPY10.0b through 22 September). We highly applaud this move, as it provides an opportunity to reevaluate the high quality of the company's capital base, which we believe has not been fully accounted for by the stock market.
Sony Financial Holdings (8729) ( english | Japanese version ) Aug 12, 2010
Positive on stable and sustained growth in three main businesses
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
Sony Financial Holdings announced 1Q FY3/11 results on 12 August. We have a positive impression of the fact that the company is achieving growth in new policy amounts in the mainstay life insurance business. Management revealed that, due to changes in the value of existing business and adjusted net assets, market consistent embedded value in its core business Sony Life at the end of June fell roughly JPY40.0b versus the end of March. The results are largely in line with our estimates.
T&D Holdings (8795) ( english | Japanese version ) Aug 12, 2010
Positive on gradual recovery from worst of downturn in insurance policies
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
T&D Holdings announced 1Q FY3/11 results on 12 August. In 1Q, RP achieved 65% of the company's 1H target. In its disclosures concerning the company's embedded value (EV), management explained that the value of existing business (one component of EV) fell by 40% from the level at theend of March. This was in line with our expectations and thus unsurprising. The pace of recovery in the new policy amount at Daido Life Insurance has been accelerating since 2H FY3/10 despite the adverse business environment faced by SMEs.
Aiful  (8515) ( english | Japanese version ) Aug 11, 2010
Impact of revised Money Lending Business Law remains crucial issue
Sector Non-Bank Market Cap Small Cap < 200B
Author Koichi,Niwa Pages 3
Aiful's 1Q FY3/11 results, released on 11 August, contained no major surprises. OP came to 29% of the company's full-year target. Nevertheless, there is still considerable uncertainty regarding costs, including the ongoing burden from expenses related to interest repayment claims from customers and non-performing loan expenses. In our view, priority should be on monitoring the cumulative negative effects of the industrywide credit contraction.
Tokio Marine Holdings  (8766) ( english | Japanese version ) Aug 11, 2010
Focusing on high probability of earnings efficiency improvement, overseas growth
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
Tokio Marine Holdings announced its 1Q FY3/11 results on 11 August. RP for the quarter reached an impressive 49% of the company's full-year target, which reaffirmed the progress made in improving the earnings efficiency of both domestic and overseas operations. In our view, the equity market has not fully priced in Tokio Marine Holdings' strengths, including the major strides being made to improve earnings efficiency, the growth potential of overseas businesses, and the high quality of its capital base.
Dai-ichi Life Insurance (8750) ( english | Japanese version ) Aug 11, 2010
Concrete progress in measures to shore up business foundation
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
Dai-ichi Life Insurance announced its 1Q FY3/11 earnings results on 11 August. RP in 1Q achieved 69% of the company's 1H forecast, but none of the announced earnings-related items came as a particular surprise. We believe there is substantial leeway for higher valuations of the company, given the health of its assets and the strength of the business environment.
Credit Saison (8253) ( english | Japanese version ) Aug 06, 2010
Outlook for credit costs still unclear
Sector Non-Bank Market Cap Mid Cap 200-400B
Author Koichi,Niwa Pages 4
Credit Saison announced its 1Q FY3/11 earnings results on 6 August. OP was strong, achieving 108% of the company's 1H target, thanks chiefly to a decline in loan loss expenses. Management has left its 1H and full-year forecasts unchanged, citing the uncertain outlook for the external business environment. We still believe that some time will be needed before the turmoil in the consumer finance market eases to the point where it can be said to have truly died down, and we believe that due attention should be given to the extent that Credit Saison's earnings are affected by industry changes now under way.
Orix (8591) ( english | Japanese version ) Aug 05, 2010
Hoping to see greater investment in future growth areas
Sector Non-Bank Market Cap Large Cap > 400B
Author Koichi,Niwa Pages 4
On 5 August, Orix announced its 1Q FY3/11 earnings results and held a telephone conference. NP was strong in 1Q, achieving 29% of the company's full-year estimate, but results were unsurprising, as they were in line with the figures given in the 3 August earnings preview in the Nihon Keizai Shimbun.
Takefuji  (8564) ( english | Japanese version ) Jul 30, 2010
Outlook for overpaid interest refunds still uncertain
Sector Non-Bank Market Cap Small Cap < 200B
Author Koichi,Niwa Pages 3
Takefuji announced its 1Q FY3/11 earnings results on 30 July. Consolidated OP was strong, achieving 84% of the company's full-year target. The company met its refunds of overpaid interest entirely through drawdowns from reserves. We commend management for successfully alleviating its cash flow worries in June. Interest refunds, an item receiving close scrutiny that represents a cash outflow at the parent level, amounted to JPY39.4b. This remains a high level, and the company will need to procure additional funds commensurate with the outflow for bond redemptions in April.
Acom (8572) ( english | Japanese version ) Jul 29, 2010
Outlook for overpaid interest refunds still uncertain
Sector Non-Bank Market Cap Mid Cap 200-400B
Author Koichi,Niwa Pages 4
Acom announced its 1Q FY3/11 earnings results on 29 July. Consolidated OP came to 83% of the company's 1H target. We found no particular surprises in the company's reported revenue figures or operating metrics. Interest refunds remain an item receiving close scrutiny. As of June, there were 10,800 customer claims on file for the refund of overpaid interest, down 23% YoY but nevertheless still at a high level.
 
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