Sumitomo Mitsui Financial Group (SMFG) has benefited from higher interest rates in Japan and a favorable operating environment. The company is strategically shifting towards asset-light businesses and reducing dependence on equity gains to achieve more stable and recurring profits. Despite a strong market re-rating, SMFG trades at a discount compared to Japanese and global peers, partly due to concerns about its exposure to Jefferies. SMFG aims for a 15% return on tangible equity in the medium term, supported by capital reallocation, while maintaining a conservative dividend policy with a modest 2.25% yield.
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