Tokio Marine Holdings Inc

8766: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎5,241.00	Mgq	Nmrghqplzd

Tokio Marine and MS&AD Decline After Q1 Results but Our FVEs Unchanged; Shares Fairly Valued

Michael Makdad

Aug 8, 2022

We maintain our fair value estimates of JPY 7,000 for Tokio Marine, JPY 4,300 for MS&AD Insurance, and JPY 4,300 for Sompo Holdings after the three Japanese insurers’ results for April-June, the first quarter of their fiscal years ending March 2023. Shares of Tokio Marine fell 4.9% Monday, MS&AD shares dropped 6.4%, and Sompo shares were off 1.9%. Tokio Marine’s premium to our fair value estimate has thus narrowed to 5% and MS&AD now trades at a discount of 7% to our fair value. Sompo shares are 1% above our fair value.

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