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10 Stocks Under $10 With Upside

Stocks in this article: ICA C MFG NTZ GENT BONA LYG MY

6. Sumitomo Mitsui Financial (SMFG) provides various consumer, commercial and corporate banking and other financial services in Japan.

During the first nine months ended December 2010, ordinary profit and net income increased 65% and 108% to $9.1 billion and $6.4 billion, respectively, on substantial trading gains. A reduction in credit costs boosted overall profitability during this period

The company is targeting to gain traction in the overseas markets, especially Asia. It has opened a branch each in China and India. The bank has an alliance with RHB Bank of Malaysia, and supports local banks in Japan for their corporate customers' overseas business. The company intends to focus on the wholesale and retail businesses in the future.

The company's capital ratio increased to 16.54% and Tier 1 ratio to 12.6%. In the earnings forecast for fiscal 2011, the management guides 56% in ordinary profit and 99% in net profit. The stock could deliver up to 55% in the next one year.

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