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TextPrice objective basis & risk
Resona HD (8308 / RSNHF)
We rate Resona Holdings a Buy and with a price objective at JPY680, based on 1.4x our BPS estimate of JPY487, derived from our estimate of sustainable ROE of 10.8% and a cost of capital assumption of 8.0%. Downside risks include a government sale of holdings of common shares, larger-than-expected NIM decline, a rise in bankruptcies among small- and mid-sized companies, and a diminished capital buffer owing to a sharp rise in credit costs and impairment losses.

TextPrice objective basis & risk
Resona HD (8308 / RSNHF)
We rate Resona Holdings a Buy and with a price objective at JPY680, based on 1.4x our BPS estimate of JPY487, derived from our estimate of sustainable ROE of 10.8% and a cost of capital assumption of 8.0%. Downside risks include a government sale of holdings of common shares, larger-than-expected NIM decline, a rise in bankruptcies among small- and mid-sized companies, and a diminished capital buffer owing to a sharp rise in credit costs and impairment losses.

TextPrice objective basis & risk
Resona HD (8308 / RSNHF)
We rate Resona Holdings a Buy and with a price objective at JPY680, based on 1.4x our BPS estimate of JPY487, derived from our estimate of sustainable ROE of 10.8% and a cost of capital assumption of 8.0%. Downside risks include a government sale of holdings of common shares, larger-than-expected NIM decline, a rise in bankruptcies among small- and mid-sized companies, and a diminished capital buffer owing to a sharp rise in credit costs and impairment losses.

TextPrice objective basis & risk
Resona HD (8308 / RSNHF)
We rate Resona Holdings a Buy and with a price objective at JPY680, based on 1.4x our BPS estimate of JPY487, derived from our estimate of sustainable ROE of 10.8% and a cost of capital assumption of 8.0%. Downside risks include a government sale of holdings of common shares, larger-than-expected NIM decline, a rise in bankruptcies among small- and mid-sized companies, and a diminished capital buffer owing to a sharp rise in credit costs and impairment losses.

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We maintain F2014/15 EPS estimates of $44.85/51.00 vs. Street $42.43/46.80. Our PO remains $520 on 11x C2014 EPS estimate of $47.10. Key positives for the Apple story remain, including valuation and capital allocation (buyback, dividend yield), although sentiment near-term should take a pause after a run up and positive EPS revisions may not occur, given aforementioned issues.

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Welcome to Liferay Portal Enterprise Edition 6.2.10 EE GA1 (Newton / Build 6210 / November 1, 2013).