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MUFG - Sumitomo Mitsui Financial Group: Conservative Business Has Power To Raise Dividends
Mitsubishi UFJ Financial Group Inc.
Sumitomo Mitsui Financial Group maintained flat dividends YoY for FY3/21 and is positioned to increase payouts on a sustainable basis.
Management has a conservative style resulting in a high-quality loan book. Unrealized gains on securities were ¥2.83 trillion ($27 billion) in Q3 FY3/2021.
We estimate the shares are trading on a prospective dividend yield of 5.5%, which is attractive.