Live News • May 20
Sumitomo Mitsui Trust Group Posts Record ¥317.5b Profit With Higher Dividends Projected Sumitomo Mitsui Trust Group reported record net income of ¥317.5b, supported by fee income growth and gains on stocks.
The group absorbed a one-time loss on its bond portfolio yet still delivered this profit outcome.
Management is forecasting higher profit and dividends for FY2026, while continuing to reduce strategic shareholdings and maintain capital strength.
The combination of record earnings, a higher profit outlook and a planned dividend increase signals management confidence in the current business mix and balance sheet position.
At the same time, the one-off bond loss and ongoing reduction of strategic shareholdings highlight that portfolio and capital actions remain a key factor for future earnings quality and risk. Reported Earnings • May 16
Full year 2026 earnings: EPS in line with expectations, revenues disappoint Full year 2026 results: EPS: JP¥452 (up from JP¥360 in FY 2025). Revenue: JP¥1.67t (up 9.1% from FY 2025). Net income: JP¥317.6b (up 23% from FY 2025). Profit margin: 19% (up from 17% in FY 2025). The increase in margin was driven by higher revenue. Cost-to-income ratio: 58.4% (down from 61.2% in FY 2025). Non-performing loans: 0.24% (down from 0.32% in FY 2025). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 30% per year. Announcement • May 15
Sumitomo Mitsui Trust Group, Inc., Annual General Meeting, Jun 19, 2026 Sumitomo Mitsui Trust Group, Inc., Annual General Meeting, Jun 19, 2026. Announcement • May 14
Sumitomo Mitsui Trust Group, Inc. (TSE:8309) announces an Equity Buyback for 14,000,000 shares, representing 2.01% for ¥50,000 million. Sumitomo Mitsui Trust Group, Inc. (TSE:8309) announces a share repurchase program. Under the program, the company will repurchase up to 14,000,000 shares, representing 2.01% of its issued share capital, for ¥50,000 million. The purpose of the program is improving capital efficiency in consideration of the status of securing sufficient capital, the use of capital for medium-to-long term profit growth and the company’s current stock price level. All the repurchased shares will be cancelled. The program will expire on September 30, 2026 . As of March 31, 2026, the company had 698,236,940 issued shares (excluding treasury stock) and 576,040 treasury shares. Announcement • Apr 07
Sumitomo Mitsui Trust Group, Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Sumitomo Mitsui Trust Group, Inc. announced that they will report fiscal year 2026 results at 4:00 PM, Tokyo Standard Time on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 23 June 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.7%). Announcement • Mar 04
Raymond James Financial, Inc. (NYSE:RJF) completed the acquisition of Greensledge Holdings, LLC from Sumitomo Mitsui Trust Group, Inc. (TSE:8309). Raymond James Financial, Inc. (NYSE:RJF) agreed to acquire Greensledge Holdings, LLC from Sumitomo Mitsui Trust Group, Inc. (TSE:8309) on October 14, 2025. Following the acquisition, Sumitomo Mitsui Trust Group, Inc. will retain a minority stake in Greensledge Holdings, LLC. The acquisition is funded from cash on hand. GreensLedge will operate within our Capital Markets segment upon completion of the acquisition.
The closing of the acquisition is subject to the satisfaction of customary conditions, including regulatory approvals and is currently expected to close in fiscal year 2026.
Sullivan & Cromwell LLP acted as legal advisor for Raymond James Financial, Inc. Houlihan Lokey, Inc. acted as financial advisor for Greensledge Holdings, LLC. Erik Andrén, Gregory Gooding, J. Michael Snypes, Michael Bolotin, Marc Ponchione, and Kyra Bromley of Debevoise & Plimpton LLP acted as legal advisor for Greensledge Holdings, LLC.
Raymond James Financial, Inc. (NYSE:RJF) completed the acquisition of Greensledge Holdings, LLC from Sumitomo Mitsui Trust Group, Inc. (TSE:8309) on March 2, 2026. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥136 (up from JP¥130 in 3Q 2025). Revenue: JP¥403.9b (down 4.5% from 3Q 2025). Net income: JP¥95.4b (up 2.4% from 3Q 2025). Profit margin: 24% (up from 22% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is expected to decline by 6.4% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 29% per year. Announcement • Dec 17
Sumitomo Mitsui Trust Group, Inc. to Report Q3, 2026 Results on Jan 30, 2026 Sumitomo Mitsui Trust Group, Inc. announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Dec 03
First half dividend of JP¥90.00 announced Shareholders will receive a dividend of JP¥90.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% 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 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 13
First half 2026 earnings: EPS and revenues exceed analyst expectations First half 2026 results: EPS: JP¥243 (up from JP¥185 in 1H 2025). Revenue: JP¥739.2b (up 11% from 1H 2025). Net income: JP¥171.3b (up 29% from 1H 2025). Profit margin: 23% (up from 20% in 1H 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 28% per year. Announcement • Oct 15
Raymond James Financial, Inc. (NYSE:RJF) agreed to acquire an unknown majority stake in Greensledge Holdings, LLC from Sumitomo Mitsui Trust Group, Inc. (TSE:8309). Raymond James Financial, Inc. (NYSE:RJF) agreed to acquire an unknown majority stake in Greensledge Holdings, LLC from Sumitomo Mitsui Trust Group, Inc. (TSE:8309) on October 14, 2025. Following the acquisition, Sumitomo Mitsui Trust Group, Inc. will retain a minority stake in Greensledge Holdings, LLC. The closing of the acquisition is subject to the satisfaction of customary conditions, including regulatory approvals. Sullivan & Cromwell LLP acted as legal advisor for Raymond James Financial, Inc. Houlihan Lokey, Inc. acted as financial advisor for Greensledge Holdings, LLC. Erik Andrén, Gregory Gooding, J. Michael Snypes, Michael Bolotin, Marc Ponchione, and Kyra Bromley of Debevoise & Plimpton LLP acted as legal advisor for Greensledge Holdings, LLC. Announcement • Oct 08
Sumitomo Mitsui Trust Group, Inc. to Report Q2, 2026 Results on Nov 12, 2025 Sumitomo Mitsui Trust Group, Inc. announced that they will report Q2, 2026 results on Nov 12, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Reported Earnings • Jul 31
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: JP¥128 (up from JP¥92.71 in 1Q 2025). Revenue: JP¥344.9b (up 1.0% from 1Q 2025). Net income: JP¥90.8b (up 36% from 1Q 2025). Profit margin: 26% (up from 20% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 38%. Revenue is expected to decline by 9.2% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥80.00 announced Shareholders will receive a dividend of JP¥80.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 11% 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 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
Sumitomo Mitsui Trust Group, Inc. to Report Q1, 2026 Results on Jul 30, 2025 Sumitomo Mitsui Trust Group, Inc. announced that they will report Q1, 2026 results on Jul 30, 2025 Reported Earnings • May 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥360 (up from JP¥109 in FY 2024). Revenue: JP¥1.64t (up 60% from FY 2024). Net income: JP¥257.6b (up 225% from FY 2024). Profit margin: 16% (up from 7.7% in FY 2024). The increase in margin was driven by higher revenue. Cost-to-income ratio: 51.9% (down from 61.3% in FY 2024). Non-performing loans: 0.32% (down from 0.34% in FY 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.5%. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥3,305, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Banks industry in Japan. Total returns to shareholders of 92% over the past three years. Announcement • Mar 25
Sumitomo Mitsui Trust Group, Inc. to Report Fiscal Year 2025 Results on May 14, 2025 Sumitomo Mitsui Trust Group, Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥82.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 23 June 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.1%). Announcement • Mar 01
Sumitomo Mitsui Trust Group, Inc. Announces Board Changes Sumitomo Mitsui Trust Group, Inc. announced that Retiring Representative Executive Officer: Atsushi Kaibara changed from Director, Deputy President (Representative Executive Officer) to Director. Yasuyuki Suzuki changed from Director, Deputy President (Representative Director) to Director. Retiring as of March 31, 2025 (planned). Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥130 (vs JP¥7.19 in 3Q 2024) Third quarter 2025 results: EPS: JP¥130 (up from JP¥7.19 in 3Q 2024). Revenue: JP¥445.4b (up 98% from 3Q 2024). Net income: JP¥93.2b (up JP¥87.9b from 3Q 2024). Profit margin: 21% (up from 2.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 6.6% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 2.5%. 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 24% per year, which means it is well ahead of earnings. Declared Dividend • Dec 04
First half dividend of JP¥72.50 announced Shareholders will receive a dividend of JP¥72.50. Ex-date: 28th March 2025 Payment date: 23rd June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% 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 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
First half 2025 earnings: EPS and revenues miss analyst expectations First half 2025 results: EPS: JP¥185 (up from JP¥60.67 in 1H 2024). Revenue: JP¥688.4b (up 37% from 1H 2024). Net income: JP¥132.8b (up 201% from 1H 2024). Profit margin: 19% (up from 8.8% in 1H 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Nov 12
Sumitomo Mitsui Trust Group, Inc. (TSE:8309) announces an Equity Buyback for 13,000,000 shares, representing 1.8% for ¥30,000 million. Sumitomo Mitsui Trust Group, Inc. (TSE:8309) announces a share repurchase program. Under the program, the company will repurchase up to 13,000,000 shares, representing 1.8% of its issued share capital, for ¥30,000 million. The purpose of the program is ensuring capital adequacy and capital utilization for mid- to long-term profit growth, we will implement share buybacks with the aim of improving capital efficiency. All the repurchased shares will be cancelled. The program will expire on March 31, 2025. As of September 30, 2024, the company had 720,766,929 issued shares (excluding treasury stock) and 588,451 treasury shares. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥72.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.5%). Announcement • Sep 19
Sumitomo Mitsui Trust Holdings, Inc. to Report Q2, 2025 Results on Nov 12, 2024 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report Q2, 2025 results on Nov 12, 2024 Major Estimate Revision • Aug 06
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥913.8b to JP¥820.7b. EPS estimate increased from JP¥333 to JP¥336 per share. Net income forecast to grow 124% next year vs 13% growth forecast for Banks industry in Japan. Consensus price target broadly unchanged at JP¥4,083. Share price fell 16% to JP¥3,137 over the past week. 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 Japanese stocks, typically moving 6.8% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (9.9% net profit margin). Buy Or Sell Opportunity • Aug 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to JP¥2,893. The fair value is estimated to be JP¥3,699, 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 16%. For the next 3 years, revenue is forecast to decline by 1.5% per annum. Earnings are forecast to grow by 17% per annum over the same time period. Reported Earnings • Aug 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥92.71 (up from JP¥50.59 in 1Q 2024). Revenue: JP¥341.4b (up 29% from 1Q 2024). Net income: JP¥66.7b (up 82% from 1Q 2024). Profit margin: 20% (up from 14% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Declared Dividend • Jul 25
Final dividend of JP¥72.50 announced Shareholders will receive a dividend of JP¥72.50. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% 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. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. EPS is expected to grow by 71% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 28
Sumitomo Mitsui Trust Holdings, Inc. to Report Q1, 2025 Results on Jul 30, 2024 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report Q1, 2025 results on Jul 30, 2024 Buy Or Sell Opportunity • May 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to JP¥3,653. The fair value is estimated to be JP¥3,003, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to decline by 15% per annum. Earnings are forecast to grow by 22% per annum over the same time period. Reported Earnings • May 18
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: JP¥109 (down from JP¥259 in FY 2023). Revenue: JP¥1.34t (up 14% from FY 2023). Net income: JP¥79.2b (down 59% from FY 2023). Profit margin: 5.9% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is expected to fall by 15% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Banks industry in Japan. 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 23% per year, which means it is well ahead of earnings. Announcement • May 17
Sumitomo Mitsui Trust Holdings, Inc., Annual General Meeting, Jun 20, 2024 Sumitomo Mitsui Trust Holdings, Inc., Annual General Meeting, Jun 20, 2024. Major Estimate Revision • May 15
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥814.1b to JP¥716.2b. EPS estimate unchanged at JP¥308 per share. Net income forecast to grow 98% next year vs 7.9% growth forecast for Banks industry in Japan. Consensus price target broadly unchanged at JP¥3,547. Share price rose 12% to JP¥3,584 over the past week. Announcement • Mar 23
Sumitomo Mitsui Trust Holdings, Inc. to Report Fiscal Year 2024 Results on May 14, 2024 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.9%). Buy Or Sell Opportunity • Feb 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to JP¥2,929. The fair value is estimated to be JP¥2,415, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to decline by 6.8% per annum. Earnings are forecast to grow by 24% per annum over the same time period. Reported Earnings • Feb 02
Third quarter 2024 earnings: Revenues exceed analyst expectations Third quarter 2024 results: Revenue: JP¥455.0b (up 62% from 3Q 2023). Net income: JP¥5.22b (down 88% from 3Q 2023). Profit margin: 1.1% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Revenue is expected to decline by 8.9% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 2.3%. 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 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 01
Sumitomo Mitsui Trust Holdings, Inc. (TSE:8309) announces an Equity Buyback for 10,000,000 shares, representing 1.37% for ¥20,000 million. Sumitomo Mitsui Trust Holdings, Inc. (TSE:8309) announces a share repurchase program. Under the program, the company will repurchase up to 10,000,000 shares, representing 1.37% of its issued share capital, for ¥20,000 million. The purpose of the program is to improving capital efficiency. All the repurchased shares will be cancelled. The program will expire on April 30, 2024. As of January 1, 2024, the company had 727,430,880 issued shares (excluding treasury stock) and 620,800 treasury shares. Buy Or Sell Opportunity • Jan 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to JP¥3,041. The fair value is estimated to be JP¥2,521, however this is not to be taken as a sell 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 5.2%. For the next 3 years, revenue is forecast to decline by 2.8% per annum. Earnings are forecast to grow by 19% per annum over the same time period. Price Target Changed • Jan 05
Price target increased by 10% to JP¥3,243 Up from JP¥2,948, the current price target is an average from 11 analysts. New target price is 14% above last closing price of JP¥2,848. Stock is up 24% over the past year. The company is forecast to post earnings per share of JP¥124 for next year compared to JP¥259 last year. Major Estimate Revision • Dec 29
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥154 to JP¥138. Revenue forecast unchanged from JP¥802.4b at last update. Net income forecast to grow 33% next year vs 8.0% growth forecast for Banks industry in Japan. Consensus price target down from JP¥3,239 to JP¥3,086. Share price was steady at JP¥2,706 over the past week. Announcement • Dec 23
Sumitomo Mitsui Trust Holdings, Inc. to Report Q3, 2024 Results on Jan 31, 2024 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report Q3, 2024 results on Jan 31, 2024 Major Estimate Revision • Dec 09
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥436 to JP¥378 per share. Revenue forecast steady at JP¥810.8b. Net income forecast to grow 39% next year vs 8.5% growth forecast for Banks industry in Japan. Consensus price target broadly unchanged at JP¥6,441. Share price fell 2.1% to JP¥5,470 over the past week. Announcement • Nov 29
Sumitomo Mitsui Trust Holdings, Inc. Revises Year-End Dividend Guidance for the Fiscal Year 2023 Sumitomo Mitsui Trust Holdings, Inc. revised year-end dividend guidance for the fiscal year 2023. The company expected to pay dividend of JPY 55 per share against JPY 110 per share paid a year ago. Reported Earnings • Nov 18
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: JP¥20.18 (down from JP¥107 in 2Q 2023). Revenue: JP¥406.5b (up 38% from 2Q 2023). Net income: JP¥7.33b (down 81% from 2Q 2023). Profit margin: 1.8% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is expected to fall by 7.8% p.a. on average during the next 3 years compared to a 3.5% decline forecast for the Banks industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 01
Sumitomo Mitsui Trust Holdings, Inc. Revises Earnings Guidance for the Fiscal Year Ending March 31, 2024 Sumitomo Mitsui Trust Holdings, Inc. revised earnings guidance for the fiscal year ending March 31, 2024. For the year, the company expected Net income attributable to owners of the parent JPY 85.0 billion from the previous guidance of JPY 200.0 billion. Earnings per share of JPY 234.08 from the previous guidance for JPY 550.81. Announcement • Sep 23
Sumitomo Mitsui Trust Holdings, Inc. to Report Q2, 2024 Results on Nov 14, 2023 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report Q2, 2024 results on Nov 14, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥110 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.2%). Reported Earnings • Jul 29
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: JP¥101 (down from JP¥172 in 1Q 2023). Revenue: JP¥307.2b (up 2.1% from 1Q 2023). Net income: JP¥36.7b (down 43% from 1Q 2023). Profit margin: 12% (down from 22% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is expected to fall by 9.2% p.a. on average during the next 3 years compared to a 2.8% decline forecast for the Banks industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 24
Sumitomo Mitsui Trust Holdings, Inc. to Report Q1, 2024 Results on Jul 28, 2023 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report Q1, 2024 results on Jul 28, 2023 Announcement • May 17
Sumitomo Mitsui Trust Holdings, Inc., Annual General Meeting, Jun 23, 2023 Sumitomo Mitsui Trust Holdings, Inc., Annual General Meeting, Jun 23, 2023. Reported Earnings • May 16
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥517 (up from JP¥451 in FY 2022). Revenue: JP¥1.26t (up 12% from FY 2022). Net income: JP¥191.0b (up 13% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue exceeded analyst estimates by 137%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to decline by 11% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share at 4.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (4.0%). Reported Earnings • Feb 01
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥113 (up from JP¥82.33 in 3Q 2022). Revenue: JP¥314.0b (up 28% from 3Q 2022). Net income: JP¥41.7b (up 35% from 3Q 2022). Profit margin: 13% (in line with 3Q 2022). Revenue exceeded analyst estimates by 133%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Announcement • Dec 23
Sumitomo Mitsui Trust Holdings, Inc. to Report Q3, 2023 Results on Jan 31, 2023 Sumitomo Mitsui Trust Holdings, Inc. announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥107 (vs JP¥161 in 2Q 2022) Second quarter 2023 results: EPS: JP¥107 (down from JP¥161 in 2Q 2022). Revenue: JP¥321.1b (up 11% from 2Q 2022). Net income: JP¥39.5b (down 35% from 2Q 2022). Profit margin: 12% (down from 21% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Reported Earnings • Nov 13
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: JP¥107 (down from JP¥161 in 2Q 2022). Revenue: JP¥321.1b (up 11% from 2Q 2022). Net income: JP¥39.5b (down 35% from 2Q 2022). Profit margin: 12% (down from 21% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Buying Opportunity • Oct 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be JP¥5,400, 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 2.9% per annum. Earnings is forecast to grow by 3.0% per annum over the same time period. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.4%). Reported Earnings • Jul 30
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥172 (up from JP¥136 in 1Q 2022). Revenue: JP¥314.9b (up 1.6% from 1Q 2022). Net income: JP¥64.6b (up 27% from 1Q 2022). Profit margin: 21% (up from 16% in 1Q 2022). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 129%. Earnings per share (EPS) also surpassed analyst estimates by 109%. Over the next year, revenue is expected to shrink by 33% compared to a 6.1% growth forecast for the industry in Japan. 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 6% per year, which means it is well ahead of earnings. Reported Earnings • May 15
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: JP¥451 (up from JP¥380 in FY 2021). Revenue: JP¥1.26t (up 18% from FY 2021). Net income: JP¥169.1b (up 19% from FY 2021). Profit margin: 14% (in line with FY 2021). Revenue exceeded analyst estimates by 90%. Earnings per share (EPS) missed analyst estimates by 1.5%. Over the next year, revenue is expected to shrink by 41% compared to a 15% decline forecast for the banks industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.1%). Buying Opportunity • Feb 09
Now 21% undervalued Over the last 90 days, the stock is up 8.7%. The fair value is estimated to be JP¥5,355, 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 4.4% per annum over the last 3 years. Reported Earnings • Jan 28
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: JP¥82.33 (down from JP¥124 in 3Q 2021). Revenue: JP¥329.1b (up 22% from 3Q 2021). Net income: JP¥30.8b (down 34% from 3Q 2021). Profit margin: 9.4% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 76%. Earnings per share (EPS) missed analyst estimates by 32%. Over the next year, revenue is expected to shrink by 38% compared to a 13% decline forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 1% per year. Buying Opportunity • Jan 18
Now 20% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be JP¥5,251, 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 4.4% per annum over the last 3 years. Reported Earnings • Nov 13
Second quarter 2022 earnings released: EPS JP¥161 (vs JP¥138 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2022 results: Revenue: JP¥334.7b (up 17% from 2Q 2021). Net income: JP¥60.3b (up 17% from 2Q 2021). Profit margin: 18% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (4.3%). Reported Earnings • Jul 31
First quarter 2022 earnings released: EPS JP¥136 (vs JP¥76.11 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥318.3b (up 24% from 1Q 2021). Net income: JP¥50.8b (up 78% from 1Q 2021). Profit margin: 16% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. 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 7% per year. Executive Departure • Jun 25
Senior Managing Executive Officer & Director Yutaka Nishida has left the company On the 23rd of June, Yutaka Nishida's tenure as Senior Managing Executive Officer & Director ended after 2.0 years in the role. As of March 2021, Yutaka still personally held 4.90k shares (JP¥15m worth at the time). A total of 7 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Jun 25
Independent External Director Takashi Yoshida has left the company On the 23rd of June, Takashi Yoshida's tenure as Independent External Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Takashi's name. A total of 7 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥380 (vs JP¥434 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥1.21t (up 8.6% from FY 2020). Net income: JP¥142.2b (down 13% from FY 2020). Profit margin: 12% (down from 15% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Price Target Changed • Apr 16
Price target increased to JP¥4,651 Up from JP¥4,276, the current price target is an average from 10 analysts. New target price is 23% above last closing price of JP¥3,776. Stock is up 22% over the past year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥75.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (2.7%). In line with average of industry peers (3.8%). Is New 90 Day High Low • Mar 03
New 90-day high: JP¥3,687 The company is up 16% from its price of JP¥3,173 on 03 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Banks industry, which is also up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥3,719 per share. Is New 90 Day High Low • Feb 08
New 90-day high: JP¥3,499 The company is up 13% from its price of JP¥3,091 on 10 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥3,747 per share. 
