ntt docomo以每股4900日元收购sbi住信网络银行股份

NTT Docomo Deal Confirmed at Y4,900 perShare Following reports in The Nikkei, an official announcement has been releasedthat NTT Docomo will buy SBI Holdings' stake in SBI Sumishin Net Bank(SSNB). The Docomo stake is expected to be 66% with Sumi Trust's stakeremaining at 34%. SSNB is expected to be delisted in the near future. In orderto further entice SBI Holdings to sell, NTT will invest ¥110bn in SBI Holdingswhich is trying to repay the government rescue funds at SBI Shinsei. Timing Makes Sense:We have long said that SSNB is a takeover candidate from NTT Docomo.As the share price has decreased due to mortgage issuance not fulfilling the plan in FY3/25results and deposits moving to NISA accounts for higher yields, it makes sense for NTTDocomo to close this deal, in our view. SBIH already has greater control of SBI Shinsei andit makes sense to offload SSNB to NTT Docomo. The rationale for NTT Docomo is thatit will enter into a banking business where mobile networks are increasingly leveraging thecommunication payments. NTT has Monex securities so that money transfers between Monex and SSNB should becomeeasier. In addition, the rationale for SBI HD to want further cash from NTT is that it would like topay back ¥230bn of government loans in FY25. The final ownership of SSNB will be 66%:34%with Docomo and Sumi Trust. The initial collaboration between NTT and SBI HD will be in finance and with a view tocollaborating on Docomo points called d points. SSNB traded at a stock high today. Ken Oiwa, CFA * | Equity Analyst+813 5251 6126 | koiwa@jefferies.com Hiroko Sato * | Equity Analyst813 5251 6185 | hsato@jefferies.com Company Description SBI Sumishin Net Bank SBI Sumishin Net Bank, Ltd. offers general banking services. The company provides transfer accounts, deposits, currency savings, mortgages, netloans, investment trusts, insurance products, and other banking services. SBI Sumishin Net Bank offers services to individuals and businesses. Company Valuation/Risks SBI Sumishin Net Bank We value SBI Sumishin Net Bank on a PBR basis. This is derived using Gordon Growth Model where the present value of a company is the sum offuture dividends. Target PBR = (ROE - g)/(COE-g). Risks inclde 1) decrease in deposit and loan growth; 2) SBI Holdings taking greater emphasis onSBI Shinsei Bank; 3) the shares probably reflect a recent takeover story, and if that does not happen, the share price could be adversely affected;and 4) competition fears from megabanks undercutting mortgage rates to gain market share. Analyst Certification: I, Ken Oiwa, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Hiroko Sato, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. Registration of non-US analysts:Ken Oiwa, CFA is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst. Registration of non-US analysts:Hiroko Sato is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedMay 29, 2025 5:46 A.M.Recommendation DistributedMay 29, 2025 5:46 A.M. Explanation of Jefferies Ratings Hold - Describes securities that we expect to provide a total return (pri