Daiichi's December disclosure put Group EV at ¥9.65 trillion, up 18% in thirteen months. The shares matched the move, up 22%. The multiple did not. P/EV sits at 0.53x against 0.51x a year ago, while European peers trade at 0.8 to 1.0x. May's T&D MCEV and June's Daiichi audited figure will set the next reading.
Nippon Life booked ¥500bn in domestic bond losses in H1 FY2025. Same firm posted a record ¥1.01tn in basic profit. Both numbers, same balance sheet.
Headlines call the ¥13tn sector-wide bond losses a crisis. The balance sheets say something else — the first time in thirty years that rolling bonds at 3%-plus beats locked-in liabilities.
New post on the J-curve, Daiichi (8750) and T&D (8795):
Four firms carry ¥13tn in unrealised bond losses. Headlines call it a crisis. The balance sheets tell a different story – the first time in thirty years that rolling bonds at 3%-plus beats locked-in liabilities.
TheBenefits.Guru
sweet_gyokuro
The Japan Times
Mathrubhumi English
InsuranceDad