2025-05-28-Jefferies-SBI住信网络银行（7163）_NTT_Docomo将收购SBI_Sumishin网络银行_7页_110kb

Summarization of the Equity Research Report:

• The report discusses NTT Docomo's planned acquisition of SBI Holdings' 34% stake in SBI Sumishin Net Bank (SSNB), with Sumi Trust retaining its 34%. The deal aims to delist SSNB in the near future, driven by SSNB's current undervaluation due to unmet mortgage plans and shift of deposits to NISA accounts.
• Analysts at Jefferies view this move as strategically sound for NTT Docomo, as it enters the banking sector, leveraging its mobile network for communication-based payments. SBIH's reduced involvement in SSNB is expected due to greater focus on other entities like SBI Shinsei.
• SSNB is described as a general banking service provider to individuals and businesses, offering services such as transfers, deposits, mortgages, and investments. Valuation is based on the price-to-book ratio using the Gordon Growth Model.
• Key risks include potential decreases in deposits and loans, SBI Holdings' realignment of priorities, the stock reflecting takeover expectations, and competition from megabanks.
• Jefferies maintains a Hold recommendation with a price target of ¥4,300, based on current analysis.