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Mark Grammer Mitsubishi Tokyo Financial Grp MTU-N TOP PICK Apr 25, 2006

The biggest bank in Japan has a result of a merger between Mitsubishi and UFJ Group. Have a strong corporate side from Mitsubishi and a strong retail side from UFJ. Loan losses are going down. Starting to write new loans. Interest margins are going up. Not expensive.

Mark Grammer

Owned

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$15.920

Stock price when the opinion was issued

banks

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PAST TOP PICK

(A Top Pick August 16/05. Up 45%.) The banks in Japan have turned the corner. They really are commercial enterprises right now.

BUY

If you are looking at investment outside of Canada, one way to do it is through large companies. An investment in this company pretty much gives you an investment in the Japanese economy.

COMMENT

Because of all of its underlying sectors, ownership is like an investment in Japan itself. This bank will grow at a pace of Japanese economic growth.

BUY

This stock was a previous top pick. He likes it. The return on assets is low. He believes that Japanese banks are the place to be.

BUY

Strongest bank in Japan. Haven’t seen it yet, but interest margins should start to expand for Japanese banks. He expects there will be another interest rate rise soon in Japan.

SELL

The big banks in Japan are losing shares to the regional ones.

PAST TOP PICK

(A Top Pick (A year ago?) Down 24%.) Japanese banks had a tough year in general. Expectations where that interest rates would go up much faster than they did. Likes Japanese banks longer term.

COMMENT

It has been a miserable ride for the Japanese banks for the last 18 months. The big issue is that the interest rate spreads in Japan are so low. It had been expected that interest rates in Japan would rise, but it looks like they won't go up for another 60 or 8 months.

DON'T BUY

Japanese banks are inextricably tied to the Japanese economy and their economy is not growing that rapidly. He is not bullish on the Japanese banks.

Stockchase, in its reporting on what has been discussed by individuals on business television programs (in particular Business News Network), neither recommends nor promotes any investment strategies.

We paraphrase the experts by hand, we watch the shows and write down what we understood from the experts’ comments. We are human and can make mistakes, help us fix any errors. If you see something that you know is not right or if there is a problem with the site, feel free to email us at : hello@stockchase.com.

Mark Grammer Mitsubishi Tokyo Financial Grp MTU-N TOP PICK Apr 25, 2006

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