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SSUMF - Sumitomo Corp: At Fair Value Considering Track Record And Potential Shareholder Returns
Sumitomo Corp.
In this piece we highlight Sumitomo Corp has a mediocre track record in portfolio management and experienced significant asset impairments in FY3/2021.
Management's new medium term plan offers stable dividend payouts, but the overall shareholder return policy is not very progressive.
Company guidance offers a prospective 4.7% dividend yield. We believe this is fair value and remain neutral on the shares.