10 Japan Stocks With Upside: Analysts
2. Sumitomo Mitsui Financial(SMFG) provides various consumer, commercial, corporate banking, and other financial services in Japan.
During third quarter of 2010, ordinary profit and net income increased 85% and 95%, respectively, on substantial trading gains.
SMFG is focusing on improving overseas channels, especially in Asia. It has opened one branch each in China and India. The company has entered into an alliance with RHB Bank of Malaysia, besides supporting local banks in Japan for their corporate customers' overseas business. The company intends to focus on wholesale and retail business in the future.The company is targeting 10% of consolidated ROE in the medium term and intends to maintain over 10% of consolidated Tier-1 ratio. The stock could deliver up to 53% return in the next one year and has analysts' top buy ratings.
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