Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Consolidated ordinary income rose 19.8% YoY to JPY76.1bn, achieving 47.5% of the full-year target.</li><li>Non-consolidated ordinary profit increased 24.6% YoY to JPY15.0bn, with credit costs declining to JPY2.9bn.</li><li>The bank revised its FY03/26 forecast, projecting consolidated ordinary profit of JPY29.8bn, maintaining a JPY56 dividend.</li></ul>

Consolidated ordinary income rose 19.8% YoY to JPY76.1bn, achieving 47.5% of the full-year target.Non-consolidated ordinary profit increased 24.6% YoY to JPY15.0bn, with credit costs declining to JPY2.9bn.The bank revised its FY03/26 forecast, projecting consolidated ordinary profit of JPY29.8bn, maintaining a JPY56 dividend.

San In Godo Bank (8381 JP): 1H FY03/26 flash update

<ul><li>Consolidated ordinary income rose 20.7% YoY to JPY36.3bn, achieving 22.2% of the full-year target.</li><li>Non-consolidated ordinary profit declined 35.6% YoY to JPY4.2bn, impacted by worsening bond-related gains/losses.</li><li>The bank projects FY03/26 consolidated ordinary profit of JPY30.4bn, with plans to cut credit costs significantly.</li></ul>

Consolidated ordinary income rose 20.7% YoY to JPY36.3bn, achieving 22.2% of the full-year target.Non-consolidated ordinary profit declined 35.6% YoY to JPY4.2bn, impacted by worsening bond-related gains/losses.The bank projects FY03/26 consolidated ordinary profit of JPY30.4bn, with plans to cut credit costs significantly.

San In Godo Bank (8381 JP): Q1 FY03/26 flash update

<ul><li>Consolidated ordinary income rose 12.6% YoY to JPY135.3bn, with ordinary profit up 8.0% YoY to JPY26.7bn.</li><li>Non-consolidated ordinary income increased 14.9% YoY to JPY117.0bn, with core operating profit up 9.4% YoY to JPY40.6bn.</li><li>For FY03/26, the bank projects consolidated ordinary profit of JPY30.4bn (+13.8% YoY) and plans to raise dividends.</li></ul>

Consolidated ordinary income rose 12.6% YoY to JPY135.3bn, with ordinary profit up 8.0% YoY to JPY26.7bn.Non-consolidated ordinary income increased 14.9% YoY to JPY117.0bn, with core operating profit up 9.4% YoY to JPY40.6bn.For FY03/26, the bank projects consolidated ordinary profit of JPY30.4bn (+13.8% YoY) and plans to raise dividends.

San In Godo Bank (8381 JP): Full-year FY03/25 flash update

<ul><li>Consolidated ordinary income increased 8.7% YoY to JPY96.3bn, with ordinary profit rising 24.6% YoY to JPY19.4bn.</li><li>Non-consolidated profit grew 31.1% YoY to JPY13.1bn, driven by higher net interest income and consulting division revenue.</li><li>Loans outstanding rose 9.3% YoY to JPY5.02tn, while deposit balance increased 6.6% YoY to JPY6.43tn.</li></ul>

Consolidated ordinary income increased 8.7% YoY to JPY96.3bn, with ordinary profit rising 24.6% YoY to JPY19.4bn.Non-consolidated profit grew 31.1% YoY to JPY13.1bn, driven by higher net interest income and consulting division revenue.Loans outstanding rose 9.3% YoY to JPY5.02tn, while deposit balance increased 6.6% YoY to JPY6.43tn.

San In Godo Bank (8381 JP): Q3 FY03/25 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gunma-bank-ltd" target="_blank" data-smartkarma-citation="entities:15777:1" rel="noopener">Gunma Bank (8334 JP)</a> and <a href="https://www.smartkarma.com/entities/daishi-hokuetsu-financial-group" target="_blank" data-smartkarma-citation="entities:27533:1" rel="noopener">Daishi Hokuetsu Financial Group (7327 JP)</a>/DHFG have announced an MoU to establish one of the largest regional banks in Japan by 1 April 2027.</li>
<li>The transaction involves delisting Gunma through a share exchange with DHFG. A definitive agreement is expected around March 2026. </li>
<li>The plan is long-dated. The lack of a controlling shareholder necessitates a “fair” exchange ratio. My estimated Gunma/DHFG exchange ratio range is 0.38-0.39x.</li>
</ul>



Gunma Bank (8334 JP) and Daishi Hokuetsu Financial Group (7327 JP)/DHFG have announced an MoU to establish one of the largest regional banks in Japan by 1 April 2027.
The transaction involves delisting Gunma through a share exchange with DHFG. A definitive agreement is expected around March 2026. 
The plan is long-dated. The lack of a controlling shareholder necessitates a “fair” exchange ratio. My estimated Gunma/DHFG exchange ratio range is 0.38-0.39x.


Gunma Bank (8334 JP): Daishi Hokuetsu (7327 JP) Share Exchange to Establish a Top Regional Bank

Japan

The San-in Godo Bank, Ltd. is a regional bank mainly operating in Shimane and Tottori Prefectures.  The Bank offers banking services including deposits, loans, foreign exchange transactions, and securities brokerage.  The San-in Godo Bank also provides financial services such as leasing, credit cards, letter of credit, invests in venture capital, and develops software.

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San In Godo Bank (8381 JP)