Zenkoku Hosho (7164): FY3/22 OP Achieved Guidance, but Not Strong Enough; Credit Costs Remain Low

Equity Bottom-Up

161 Views, 09 May 2022 18:26

EXECUTIVE SUMMARY

Compared to our forecast, operating revenue and the number of new guarantees executed were lower. On the other hand, credit-related expenses were lower than our assumption
The company’s OP guidance for FY3/23 is 40.970bn yen (+3.8% YoY), more conservative than our forecast of 43.137bn yen and the QUICK consensus forecast of 43.653bn yen
The company disclosed that it purchased two RMBS, etc. in FY3/22. The total amount of the underlying assets was 60bn yen.

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