Reported Earnings • Aug 02
First quarter 2027 earnings released: EPS: JP¥35.79 (vs JP¥30.77 in 1Q 2026) First quarter 2027 results: EPS: JP¥35.79 (up from JP¥30.77 in 1Q 2026). Revenue: JP¥288.0b (up 16% from 1Q 2026). Net income: JP¥80.5b (up 14% from 1Q 2026). Profit margin: 28% (in line with 1Q 2026). Revenue is forecast to stay flat during the next 3 years compared to a 6.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
Resona Holdings, Inc. Revises Earnings Guidance for the Fiscal Year Ending March 31, 2027 Resona Holdings, Inc. revised earnings guidance for the fiscal year ending March 31, 2027. For the year, the company expects net income attributable to owners of parent of JPY 330,000 million and net income per share of common stock of JPY 146.97. Announcement • Jul 31
Resona Holdings, Inc. (TSE:8308) announces an Equity Buyback for 30,000,000 shares, representing 1.3% for ¥50,000 million. Resona Holdings, Inc. (TSE:8308) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares, representing 1.3% of its issued share capital, for ¥50,000 million. The purpose of the buyback is to improve the capital efficiency and enable implementation of flexible capital policies. The program will expire on January 31, 2027. As of June 30, 2026, the company had 2,307,136,666 ordinary shares in issue (including treasury stock) and 63,363,220 ordinary shares in treasury. Declared Dividend • Jul 26
Final dividend of JP¥18.50 announced Shareholders will receive a dividend of JP¥18.50. Ex-date: 29th September 2026 Payment date: 9th December 2026 Dividend yield will be 151%, which is higher than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 8.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 16
Now 20% undervalued Over the last 90 days, the stock has risen 16% to €12.40. The fair value is estimated to be €15.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Jun 25
Resona Holdings, Inc. to Report Q1, 2027 Results on Jul 31, 2026 Resona Holdings, Inc. announced that they will report Q1, 2027 results on Jul 31, 2026 Buy Or Sell Opportunity • Jun 10
Now 21% undervalued Over the last 90 days, the stock has risen 21% to €11.10. The fair value is estimated to be €14.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 0.05% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Jiro Seguchi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 13
Resona Holdings, Inc. (TSE:8308) announces an Equity Buyback for 25,000,000 shares, representing 1.08% for ¥35,000 million. Resona Holdings, Inc. (TSE:8308) announces a share repurchase program. Under the program, the company will repurchase up to 25,000,000 shares, representing 1.08% of its issued share capital, for ¥35,000 million. The purpose of the buyback is to improve the capital efficiency and enable implementation of flexible capital policies. The program will expire on August 7, 2026. As of March 31, 2026, the company had 2,307,136,666 ordinary shares in issue (including treasury stock) and 54,275,208 ordinary shares in treasury. Announcement • May 12
Resona Holdings, Inc., Annual General Meeting, Jun 24, 2026 Resona Holdings, Inc., Annual General Meeting, Jun 24, 2026. Announcement • Apr 21
Resona Holdings, Inc. to Report Fiscal Year 2026 Results on May 12, 2026 Resona Holdings, Inc. announced that they will report fiscal year 2026 results on May 12, 2026 Announcement • Dec 23
Resona Holdings, Inc. to Report Q3, 2026 Results on Jan 30, 2026 Resona Holdings, Inc. announced that they will report Q3, 2026 results on Jan 30, 2026 Announcement • Dec 16
Fujitsu Limited (TSE:6702) completed the acquisition of 86.30% stake in BrainPad Inc. (TSE:3655) from a group of shareholders for ¥48.8 billion. Fujitsu Limited (TSE:6702) proposed to acquire BrainPad Inc. (TSE:3655) from a group of shareholders for ¥56.6 billion on October 30, 2025. A cash consideration of ¥56.58 billion valued at ¥2706 per share will be paid by Fujitsu Limited. As part of consideration, ¥56.58 billion is paid towards common equity of BrainPad Inc.
The transaction is subject to approval of merger agreement by target board and minimum tender of 13,883,800 shares. The Board of Directors of BrainPad Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board of BrainPad Inc. The tender offer will close on December 15, 2025.
Nomura Securities Co., Ltd. acted as financial advisor and fairness opinion provider for special committee of BrainPad Inc. Daiwa Securities Co. Ltd. acted as financial advisor and fairness opinion provider for Fujitsu Limited and as tender offer agent. Nagashima Ohno & Tsunematsu acted as legal advisor for BrainPad Inc. Mori Hamada & Matsumoto LPC acted as legal advisor for Fujitsu Limited.
Fujitsu Limited (TSE:6702) completed the acquisition of 86.30% stake in BrainPad Inc. (TSE:3655) from a group of shareholders for ¥48.8 billion on December 15, 2025. Fujitsu Limited received 18.044811 million shares in BrainPad Inc. during tender offer period and has achieved the minimum tender condition. The settlement of is scheduled to take place on December 22, 2025. The Master Trust Bank of Japan, Ltd. (Trust Account) and DisciPline Inc. have tendered all of their shares during the tender offer period. Announcement • Nov 12
Resona Holdings, Inc. Announces Dividend for the Second Quarter Ended September 30, 2025, Payable on December 9, 2025 Resona Holdings, Inc. announced dividend for the second quarter ended September 30, 2025. For the second quarter, the company announced dividend of JPY 14.50 per share against JPY 11.50 per share a year ago. Dividends payment date is December 9, 2025. Announcement • Oct 30
Fujitsu Limited (TSE:6702) proposed to acquire BrainPad Inc. (TSE:3655) from Resona Holdings, Inc. (TSE:8308) and DisciPline Inc., Seinosuke Sato and Takafumi Takahashi for ¥56.6 billion. Fujitsu Limited (TSE:6702) proposed to acquire BrainPad Inc. (TSE:3655) from Resona Holdings, Inc. (TSE:8308) and DisciPline Inc., Seinosuke Sato and Takafumi Takahashi for ¥56.6 billion on October 30, 2025. A cash consideration of ¥56.58 billion valued at ¥2706 per share will be paid by Fujitsu Limited. As part of consideration, ¥56.58 billion is paid towards common equity of BrainPad Inc.
The transaction is subject to approval of merger agreement by target board and minimum tender. The Board of Directors of BrainPad Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board of BrainPad Inc.
Nomura Securities Co., Ltd. acted as financial advisor for BrainPad Inc. Daiwa Securities Co. Ltd. acted as financial advisor for BrainPad Inc. Nagashima Ohno & Tsunematsu acted as legal advisor for BrainPad Inc. Mori Hamada & Matsumoto LPC acted as legal advisor for BrainPad Inc. Announcement • Sep 22
Resona Holdings, Inc. (TSE:8308) completed the acquisition of additional 17.9% stake in Digital Garage, Inc. (TSE:4819) from Oasis Management Company Ltd. Resona Holdings, Inc. (TSE:8308) entered into a share transfer agreement to acquire additional 17.9% stake in Digital Garage, Inc. (TSE:4819) from Oasis Management Company Ltd. on July 31, 2025. Before completion, Resona Holdings, Inc. held 12.42% stake and Oasis Management Company Ltd. held 18.52% stake in Digital Garage, Inc. After completion, Resona Holdings, Inc. will hold 30.95% stake and Oasis Management Company Ltd. will no longer hold any stake in Digital Garage, Inc.
The expected completion of the transaction is from late August 2025 to late September 2025.
Resona Holdings, Inc. (TSE:8308) completed the acquisition of additional 17.9% stake in Digital Garage, Inc. (TSE:4819) from Oasis Management Company Ltd. on September 22, 2025. Announcement • Sep 21
Resona Holdings, Inc. to Report Q2, 2026 Results on Nov 11, 2025 Resona Holdings, Inc. announced that they will report Q2, 2026 results on Nov 11, 2025 Announcement • Jul 31
Resona Holdings, Inc. (TSE:8308) entered into a share transfer agreement to acquire additional 17.9% stake in Digital Garage, Inc. (TSE:4819) from Oasis Management Company Ltd. Resona Holdings, Inc. (TSE:8308) entered into a share transfer agreement to acquire additional 17.9% stake in Digital Garage, Inc. (TSE:4819) from Oasis Management Company Ltd. on July 31, 2025. Before completion, Resona Holdings, Inc. held 12.42% stake and Oasis Management Company Ltd. held 18.52% stake in Digital Garage, Inc. After completion, Resona Holdings, Inc. will hold 30.95% stake and Oasis Management Company Ltd. will no longer hold any stake in Digital Garage, Inc.
The expected completion of the transaction is from late August 2025 to late September 2025. Announcement • Jun 25
Resona Holdings, Inc. to Report Q1, 2026 Results on Jul 31, 2025 Resona Holdings, Inc. announced that they will report Q1, 2026 results on Jul 31, 2025 Announcement • May 15
Resona Holdings, Inc. (TSE:8308) announces an Equity Buyback for 40,000,000 shares, representing 1.74% for ¥30,000 million. Resona Holdings, Inc. (TSE:8308) announces a share repurchase program. Under the program, the company will repurchase up to 40,000,000 shares, representing 1.74% of its issued share capital, for ¥30,000 million. The purpose of the buyback is to enhance shareholder returns, improve capital efficiency, and enable the implementation of flexible capital policies. The program will expire on July 31, 2025. As of March 31, 2025, the company had 2,307,136,666 ordinary shares in issue (including treasury stock) and 11,233,569 ordinary shares in treasury. Announcement • May 13
Resona Holdings, Inc., Annual General Meeting, Jun 25, 2025 Resona Holdings, Inc., Annual General Meeting, Jun 25, 2025. Announcement • Mar 22
Resona Holdings, Inc. to Report Fiscal Year 2025 Results on May 13, 2025 Resona Holdings, Inc. announced that they will report fiscal year 2025 results on May 13, 2025 Announcement • Dec 21
Resona Holdings, Inc. to Report Q3, 2025 Results on Jan 31, 2025 Resona Holdings, Inc. announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: JP¥25.47 (vs JP¥20.06 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.47 (up from JP¥20.06 in 2Q 2024). Revenue: JP¥254.0b (up 21% from 2Q 2024). Net income: JP¥58.9b (up 25% from 2Q 2024). Profit margin: 23% (in line with 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.25, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 131% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.83 per share. Announcement • Nov 12
Resona Holdings, Inc. (TSE:8308) announces an Equity Buyback for 30,000,000 shares, representing 1.3% for ¥20,000 million. Resona Holdings, Inc. (TSE:8308) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares, representing 1.3% of its issued share capital, for ¥20,000 million. The purpose of the buyback is to enhance shareholder returns, improve capital efficiency, and enable the implementation of flexible capital policies. The program will expire on December 23, 2024. As of September 30, 2024, the company had 2,323,409,766 ordinary shares in issue (including treasury stock) and 12,213,242 ordinary shares in treasury. Announcement • Sep 27
Resona Holdings, Inc. to Report Q2, 2025 Results on Nov 12, 2024 Resona Holdings, Inc. announced that they will report Q2, 2025 results on Nov 12, 2024 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥11.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.4%). Announcement • Aug 30
Resona Holdings, Inc. to Report Fiscal Year 2024 Final Results on Aug 30, 2024 Resona Holdings, Inc. announced that they will report fiscal year 2024 final results at 3:00 PM, Tokyo Standard Time on Aug 30, 2024 New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥23.84 (vs JP¥15.02 in 1Q 2024) First quarter 2025 results: EPS: JP¥23.84 (up from JP¥15.02 in 1Q 2024). Revenue: JP¥219.7b (up 23% from 1Q 2024). Net income: JP¥55.4b (up 56% from 1Q 2024). Profit margin: 25% (up from 20% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.05, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 144% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.19 per share. Buy Or Sell Opportunity • Jul 30
Now 22% undervalued Over the last 90 days, the stock has risen 1.7% to €6.05. The fair value is estimated to be €7.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.0%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥11.50 announced Shareholders will receive a dividend of JP¥11.50. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 190%, which is higher than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 4.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 22
Resona Holdings, Inc. to Report Q1, 2025 Results on Jul 31, 2024 Resona Holdings, Inc. announced that they will report Q1, 2025 results on Jul 31, 2024 Buy Or Sell Opportunity • Jun 07
Now 20% undervalued Over the last 90 days, the stock has risen 3.5% to €5.95. The fair value is estimated to be €7.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.0%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period. Announcement • May 17
Resona Holdings, Inc., Annual General Meeting, Jun 26, 2024 Resona Holdings, Inc., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥67.79 (vs JP¥67.50 in FY 2023) Full year 2024 results: EPS: JP¥67.79. Revenue: JP¥834.9b (up 4.2% from FY 2023). Net income: JP¥158.9b (flat on FY 2023). Profit margin: 19% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 0.66% (up from 0.65% in FY 2023). Non-performing loans: 1.59% (down from 1.61% in FY 2023). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 3.2%. Announcement • May 15
Resona Holdings, Inc. (TSE:8308) announces an Equity Buyback for 30,000,000 shares, representing 1.28% for ¥20,000 million. Resona Holdings, Inc. (TSE:8308) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares, representing 1.28% of its issued share capital (excluding treasury stock), for ¥20,000 million. The purpose of the program is to enhance shareholder returns, improve capital efficiency, and enable the implementation of flexible capital policies. The repurchased shares will be cancelled. The program will run until June 21, 2024. As of March 31, 2024, the company had 2,342,989,566 shares in issue (including treasury stock) and 13,119,982 shares in treasury. Buy Or Sell Opportunity • May 09
Now 21% undervalued Over the last 90 days, the stock has risen 14% to €5.65. The fair value is estimated to be €7.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Buy Or Sell Opportunity • Apr 17
Now 20% undervalued Over the last 90 days, the stock has risen 26% to €5.90. The fair value is estimated to be €7.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Announcement • Apr 03
Digital Garage, Inc. (TSE:4819) completed the acquisition of 20% stake in Resona Kessai Service Co.,Ltd. from Resona Holdings, Inc. (TSE:8308). Digital Garage, Inc. (TSE:4819) has reached a basic agreement to acquire 20% stake in Resona Kessai Service Co.,Ltd. from Resona Holdings, Inc. (TSE:8308) on December 22, 2023. Resona and Digital Garage plans to discuss separately and reach an agreement on the terms and conditions of such share acquisition. BofA Securities acted as exclusive financial advisor to Resona Holdings.
Digital Garage, Inc. (TSE:4819) completed the acquisition of 20% stake in Resona Kessai Service Co.,Ltd. from Resona Holdings, Inc. (TSE:8308) on April 1, 2024. Buy Or Sell Opportunity • Apr 02
Now 21% undervalued Over the last 90 days, the stock has risen 27% to €5.60. The fair value is estimated to be €7.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 0.7% per annum. Earnings are also forecast to grow by 7.2% per annum over the same time period. Announcement • Mar 23
Resona Holdings, Inc. to Report Fiscal Year 2024 Results on May 14, 2024 Resona Holdings, Inc. announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.6%). Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥13.50 (vs JP¥17.28 in 3Q 2023) Third quarter 2024 results: EPS: JP¥13.50 (down from JP¥17.28 in 3Q 2023). Revenue: JP¥217.9b (up 11% from 3Q 2023). Net income: JP¥31.6b (down 23% from 3Q 2023). Profit margin: 14% (down from 21% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 01
Resona Holdings, Inc. Provides Earnings Guidance for the Fiscal Year Ending March 31, 2024 Resona Holdings, Inc. provided earnings guidance for the fiscal year ending March 31, 2024. For the year 2024, the company expects net income attributable to owners of parent of JPY 150,000 million or net income per share of JPY 63.99. Buy Or Sell Opportunity • Jan 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to €4.94. The fair value is estimated to be €6.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 0.4% per annum. Earnings are forecast to grow by 5.0% per annum over the same time period. Announcement • Dec 22
Resona Holdings, Inc. to Report Q3, 2024 Results on Jan 31, 2024 Resona Holdings, Inc. announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: JP¥20.06 (vs JP¥20.46 in 2Q 2023) Second quarter 2024 results: EPS: JP¥20.06 (down from JP¥20.46 in 2Q 2023). Revenue: JP¥224.9b (up 3.5% from 2Q 2023). Net income: JP¥47.1b (down 3.4% from 2Q 2023). Profit margin: 21% (down from 23% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 09
Resona Holdings, Inc. (TSE:8308) entered into a share purchase agreement to acquire additional majority stake in Shutoken Leasing Co., Ltd. and Daiwa Factor & Leasing Co., Ltd. from Mitsubishi HC Capital Inc. (TSE:8593) for ¥11.1 billion. Resona Holdings, Inc. (TSE:8308) entered into a share purchase agreement to acquire additional majority stake in Shutoken Leasing Co., Ltd. and Daiwa Factor & Leasing Co., Ltd. from Mitsubishi HC Capital Inc. (TSE:8593) for ¥11.1 billion on November 8, 2023. For the period ending March 31, 2023, Shutoken Leasing Co., Ltd. and Daiwa Factor & Leasing Co., Ltd. reported combined revenues of ¥63.7 billion, operating income of ¥2.9 billion, net income of ¥1.9 billion, total assets of ¥222.5 billion and net assets of ¥20.5 billion. The transaction is expected to complete as of January 4, 2024. Announcement • Sep 22
Resona Holdings, Inc. to Report Q2, 2024 Results on Nov 10, 2023 Resona Holdings, Inc. announced that they will report Q2, 2024 results on Nov 10, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥11.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 11 December 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.0%). Buying Opportunity • Sep 15
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be €6.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 0.8% per annum. Earnings is forecast to grow by 4.8% per annum over the same time period. Board Change • Aug 11
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Outside Independent Director Ryuji Yasuda was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥15.02 (vs JP¥14.23 in 1Q 2023) First quarter 2024 results: EPS: JP¥15.02 (up from JP¥14.23 in 1Q 2023). Revenue: JP¥187.8b (down 3.3% from 1Q 2023). Net income: JP¥35.4b (up 4.4% from 1Q 2023). Profit margin: 19% (up from 18% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Jun 21
Resona Holdings, Inc. to Report Q1, 2024 Results on Jul 31, 2023 Resona Holdings, Inc. announced that they will report Q1, 2024 results on Jul 31, 2023 Announcement • May 14
Resona Holdings, Inc. (TSE:8308) announces an Equity Buyback for 25,000,000 shares, representing 1.05% for ¥10,000 million. Resona Holdings, Inc. (TSE:8308) announces a share repurchase program. Under the program, the company will repurchase up to 25,000,000 shares, representing 1.05% of its issued share capital (excluding treasury stock), for ¥10,000 million. The purpose of the program is to enhance shareholder returns, improve capital efficiency, and implement a flexible capital policy. The repurchased shares will be cancelled. The program will run until June 30, 2023. As of March 31, 2023, the company had 2,377,665,966 shares in issue (including treasury stock) and 16,030,166 shares in treasury. Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥67.50 (vs JP¥45.42 in FY 2022) Full year 2023 results: EPS: JP¥67.50 (up from JP¥45.42 in FY 2022). Revenue: JP¥821.1b (up 8.2% from FY 2022). Net income: JP¥160.4b (up 46% from FY 2022). Profit margin: 20% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.1% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.50 per share at 3.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 09 June 2023. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.1%). Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €4.29, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.67 per share. Buying Opportunity • Mar 14
Now 24% undervalued Over the last 90 days, the stock is up 8.4%. The fair value is estimated to be €6.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings is also forecast to grow by 5.2% per annum over the same time period. Buying Opportunity • Feb 10
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be €6.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings is also forecast to grow by 5.1% per annum over the same time period. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥17.28 (vs JP¥18.96 in 3Q 2022) Third quarter 2023 results: EPS: JP¥17.28 (down from JP¥18.96 in 3Q 2022). Revenue: JP¥209.7b (up 21% from 3Q 2022). Net income: JP¥41.1b (down 10% from 3Q 2022). Profit margin: 20% (down from 26% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Dec 24
Resona Holdings, Inc. to Report Q3, 2023 Results on Jan 31, 2023 Resona Holdings, Inc. announced that they will report Q3, 2023 results on Jan 31, 2023 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 15% share price gain to €5.04, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.65 per share. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Outside Independent Director Masaki Yamauchi was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥20.46 (vs JP¥19.27 in 2Q 2022) Second quarter 2023 results: EPS: JP¥20.46 (up from JP¥19.27 in 2Q 2022). Revenue: JP¥221.8b (up 5.1% from 2Q 2022). Net income: JP¥48.8b (up 4.6% from 2Q 2022). Profit margin: 22% (in line with 2Q 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Nov 11
Resona Holdings, Inc. Announces Dividend for the Second Quarter End of Fiscal Year Ending March 31, 2023, Payable on December 9, 2022; Provides Dividend Guidance for the Full Year of the Fiscal Ending March 31, 2023 Resona Holdings, Inc. announced dividend for the second quarter end of fiscal year ending March 31, 2023. For the period, the company announced dividend of JPY 10.50 per share against a dividend of JPY 10.50 per share paid a year ago. Payable on December 9, 2022.For the fiscal year ending March 31, 2023, the company provided dividend guidance of JPY 10.50 per share against a dividend of JPY 10.50 per share paid a year ago. Announcement • Sep 24
Resona Holdings, Inc. to Report Q2, 2023 Results on Nov 11, 2022 Resona Holdings, Inc. announced that they will report Q2, 2023 results on Nov 11, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.50 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.3%). Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥14.23 (vs JP¥13.89 in 1Q 2022) First quarter 2023 results: EPS: JP¥14.23. Revenue: JP¥201.0b (up 8.6% from 1Q 2022). Net income: JP¥33.9b (flat on 1Q 2022). Profit margin: 17% (down from 19% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 15% compared to a 22% growth forecast for the industry in Germany. Board Change • Jul 06
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Outside Independent Director Masaki Yamauchi was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 24
Resona Holdings, Inc. to Report Q1, 2023 Results on Jul 29, 2022 Resona Holdings, Inc. announced that they will report Q1, 2023 results on Jul 29, 2022 Reported Earnings • May 14
Full year 2022 earnings released: EPS: JP¥45.42 (vs JP¥54.20 in FY 2021) Full year 2022 results: EPS: JP¥45.42 (down from JP¥54.20 in FY 2021). Revenue: JP¥784.9b (up 7.6% from FY 2021). Net income: JP¥110.0b (down 12% from FY 2021). Profit margin: 14% (down from 17% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 0.66% (down from 0.72% in FY 2021). Non-performing loans: 1.69% (up from 1.41% in FY 2021). Over the next year, revenue is expected to shrink by 17% compared to a 15% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Board Change • Apr 29
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Outside Independent Director Fumihiko Ike was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Resona Holdings, Inc. to Report Fiscal Year 2022 Results on May 12, 2022 Resona Holdings, Inc. announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.50 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 08 June 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.6%). Lower than average of industry peers (5.7%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: JP¥18.96 (up from JP¥17.76 in 3Q 2021). Revenue: JP¥204.3b (up 2.8% from 3Q 2021). Net income: JP¥45.7b (up 12% from 3Q 2021). Profit margin: 22% (up from 21% in 3Q 2021). Revenue missed analyst estimates by 3.3%. Over the next year, revenue is expected to shrink by 17% compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. 
