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MZHOF - Mizuho Financial Group: Less Predictable Earnings With More Risk
Mizuho Financial Group Inc
Mizuho has a riskier credit profile than its peers, with a higher NPL rate and exposure to lower quality loans.
Its predictability of its earnings is lower, given its high dependence on sales and trading income, which made up 50% of total net income in Q3 FY3/2021.
With this risk profile, we are sellers of the shares. In the Japanese megabank space, we prefer Sumitomo Mitsui Financial Group.