m vg0gxgxgggvfûfúg fïg fû 1gfég fÝfÛ...m vg0gxgxgggvfûfúg fïg fû 1g"fég fÝfÛ 82...
TRANSCRIPT
![Page 1: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/1.jpg)
2016 8 24
Please refer to important disclosures and certifications located in Appendix A of this report.
(ESG )
![Page 2: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/2.jpg)
1
UFJ
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2
…
IR IR
→
UFJ
![Page 4: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/4.jpg)
3
IR
→
UFJ
![Page 5: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/5.jpg)
4
1. 2. 3. CEO CFO)
→ 1.
< 2. →FM
3.
4.
5. →
6. MiFID Markets in Financial Instruments Directive → in-depth
UFJ
![Page 6: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/6.jpg)
1 2016 1 29
5
2
15
15
M&A
15
![Page 7: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/7.jpg)
2 2016 1 29
6
![Page 8: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/8.jpg)
7
AI
![Page 9: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/9.jpg)
8
→
KPI Key Performance Indications
UFJ
![Page 10: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/10.jpg)
9
UFJ
![Page 11: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/11.jpg)
10
1.
→
2.
UFJ
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11
3.
1 KPI DNA
IIRC 6
Capital DNA
KPI
UFJ
![Page 13: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/13.jpg)
12
2 7 Content Element
7 Content Element
5 10
ESG
UFJ
![Page 14: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/14.jpg)
13
3
KPI Key Performance Indicator
KPI materiality
UFJ
![Page 15: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/15.jpg)
14
4.
UFJ
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1. 2. 3.
HV EV →
→
UFJ 15
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16 UFJ
1990 2000 2010 2020 2030 2040
HV
→→
→
-1
![Page 18: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/18.jpg)
-2
UFJ 17
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18
•
•
•
•
• 700 JEFF
• ESG
•
•
•
•
![Page 20: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/20.jpg)
GPIF ESG
19
• IR
• Corporate action
•
•
•
•
• Research Review Committee
•
•
•
•
![Page 21: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/21.jpg)
• Data Vintage 90 • B/S, P/L, C/F) •
•
Valuation Clinic Scenario Analyzer Global Peer Comparison •
• • Underweight Overweight •
• • Big Picture • • Big Data
”MERIT” • •
20
![Page 22: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/22.jpg)
Valuation clinic 7203
σ
σ
10
10 EPS, BPS
10 PER CAPE+/- 2σ
ROE/ PBR2 stage analysis
Dupont ROE
0.7
21
![Page 23: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/23.jpg)
Scenario analyzer
22
DCF CFROI
![Page 24: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/24.jpg)
Alpha Systematic Approach
23
α
![Page 25: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/25.jpg)
JEFF
700
485→500
24
JEFF
MSCI
”Japan Explorer”
Under coverage = α = research
Passive 8
Active Deep research Top300
2015 12 15
![Page 26: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/26.jpg)
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
![Page 27: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/27.jpg)
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%
![Page 28: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/28.jpg)
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
![Page 29: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/29.jpg)
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
![Page 30: M vG0GXGxGGGVFûFúG FïG Fû 1GFéG FÝFÛ...M vG0GXGxGGGVFûFúG FïG Fû 1G"FéG FÝFÛ 82 » _ Fþ q#ÝFûG G GzGkG GV 8 B 2016 º8 v24 ¥ U,û>S>D>H Ô Ý å í « ± å Þ î0É](https://reader036.vdocuments.net/reader036/viewer/2022062603/5f02a7907e708231d4055882/html5/thumbnails/30.jpg)
29 29
UFJ