Analyst Note
| Michael Makdad |We maintain our no-moat rating on Mitsubishi UFJ Financial Group, or MUFG, and our fair value estimate of JPY 550, equivalent to 0.43 times book value based on our average forecast ROE of 4.6%. Our fair value estimate for MUFG's ADRs moves to USD 5.24 from USD 5.10 to reflect strengthening in the yen against the U.S. dollar since the first half of 2020.