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2016 8 24
Please refer to important disclosures and certifications located in Appendix A of this report.
(ESG )
1
UFJ
2
…
IR IR
→
UFJ
3
IR
→
UFJ
4
1. 2. 3. CEO CFO)
→ 1.
< 2. →FM
3.
4.
5. →
6. MiFID Markets in Financial Instruments Directive → in-depth
UFJ
1 2016 1 29
5
2
15
15
M&A
15
2 2016 1 29
6
7
AI
8
→
KPI Key Performance Indications
UFJ
9
UFJ
10
1.
→
2.
UFJ
11
3.
1 KPI DNA
IIRC 6
Capital DNA
KPI
UFJ
12
2 7 Content Element
7 Content Element
5 10
ESG
UFJ
13
3
KPI Key Performance Indicator
KPI materiality
UFJ
14
4.
UFJ
1. 2. 3.
HV EV →
→
UFJ 15
16 UFJ
1990 2000 2010 2020 2030 2040
HV
→→
→
-1
-2
UFJ 17
18
•
•
•
•
• 700 JEFF
• ESG
•
•
•
•
GPIF ESG
19
• IR
• Corporate action
•
•
•
•
• Research Review Committee
•
•
•
•
• Data Vintage 90 • B/S, P/L, C/F) •
•
Valuation Clinic Scenario Analyzer Global Peer Comparison •
• • Underweight Overweight •
• • Big Picture • • Big Data
”MERIT” • •
20
Valuation clinic 7203
σ
σ
10
10 EPS, BPS
10 PER CAPE+/- 2σ
ROE/ PBR2 stage analysis
Dupont ROE
0.7
21
Scenario analyzer
22
DCF CFROI
Alpha Systematic Approach
23
α
JEFF
700
485→500
24
JEFF
MSCI
”Japan Explorer”
Under coverage = α = research
Passive 8
Active Deep research Top300
2015 12 15
25
UFJ MUMSS 1%*
* 1 (Offering Memorandum)
MUMSS 12
MUMSS 12
MUMSS 3
Appendix A
1. 2015 7 30 Royal Dutch Shell plc Shell International Limited 33 ShellShell
2. UFJ MUMSS JX
MUMSS 3. UFJ MUMSS 2016 3 17
MUMSS 4. MUMSS
MUMSS
5. UFJ MUMSS 2016 5 12
MUMSS
26
Overweight (OW) Neutral (N) Underweight (UW) NR RS
Buy Hold Sell NR RS
12
Buy Overweight ( ) Buy ( ) Hold Neutral ( ) Hold ( ) Sell Underweight () Sell ( )
* 12
UFJ 2016 6 30
MUMSS MUMSS
MUMSS
MUMSS
MUMSS MUMSS
* Buy (Overweight, Buy) 36.2% 32.8% Hold (Neutral, Hold) 52.6% 28.1% Sell (Underweight, Sell) 7.7% 18.9%
3.5% 23.5%
27
MUMSS 17 86
WEB https://mu-st2-pt.ifis.co.jp/disclosure/disclosure.php
MUMSS MUMSS
MUMSSMUMSS UFJ ( MUFG ) MUMSS MUFG
MUMSSMUMSS
MUMSS MUMSS
MUMSS
MUMSS MUFG
MUMSS135 MUFG
: MUFG Mitsubishi UFJ Securities International plc. ( MUSI +44-207-628-5555)MUSI Prudential Regulation Authority PRA Financial Conduct Authority FCA PRA
(FS Registration Number 124512) professional client eligible counterparty FCA retail clientsMUSI professional investors
MUSI
28
: MUFG Mitsubishi UFJ Securities (USA), Inc. ( MUS-USA +1-212-405-7000) MUS-USA United States Securities and Exchange Commission broker-dealer Financial Industry Regulatory AuthorityFINRA SEC# 8-43026; CRD# 19685 MUS-USA 193415a 6 major U.S. institutional investors MUS-USA
FLOES MUS-USA
IRS Circular 230 Disclosure 230 MUS-USA MUS-USA
: MUFG MUMSS 03-6627-5340
: MUFG Mitsubishi UFJ Securities (Singapore), Limited ( MUS-SPR +65-6232-7784)MUS-SPR merchant bank Monetary Authority of Singapore
Financial Advisers Regulation Regulation 2 institutional investors accredited investors expert investors accredited investors expert investors MUS-SPR Financial Advisers Act
25 2736
MUS-SPR
: MUFG Mitsubishi UFJ Securities (HK) Limited MUS-HK +852-2860-1500MUS-HK Hong Kong Securities and Futures Ordinance Securities and Futures Commission Central Entity Number AAA889
Securities and Futures Ordinance professional investor
: MUS-HK MUS-SPR MUS-HK Australian Securities and Investment Commission (ASIC) Class Order Exemption CO 03/1103 Corporations Act 2001 MUS-SPR ASIC Class Order Exemption CO 03/1102
Corporations Act 2001 wholesale clientMUSI MUS-USA MUSI MUS-USA international dealer exemption
MUSI National Instrument 31-103 permitted client
PRC PRCPRC
©Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. All Rights Reserved 2016.
1.404 193,000 2,700
MUMSS MUMSS
100-8127 1 9 2
UFJ Tel.03-6627-5340 Fax.03-6627-5344
UFJ 2336
29 29
UFJ