Aozora Rises to Two-Year High as Goldman Rates Buy - Bloomberg

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Aozora Rises to Two-Year High as Goldman Rates Buy

By Takahiko Hyuga - Dec 15, 2010

Aozora Bank Ltd., the Japanese lender controlled by Cerberus Capital Management LP, climbed to a twoyear high in Tokyo trading after Goldman Sachs Group Inc. rated the company a buy in new coverage. Aozora shares rose as much as 9.2 percent, and advanced 7.8 percent to 165 yen at 10:01 a.m. in Tokyo, the highest since September 2008. The Tokyo-based lender has gained 68 percent this year, making it the best performer among the 83 members of the Topix Banks Index. Even after Aozoras gains this year, the stock market hasnt fully taken into account the banks improvements in profitability, asset quality, cost control and capital position, Toyoki Sameshima an analyst at Goldman Sachs in Tokyo, said in the report dated Dec. 15. The firm started covering Aozora Bank with a target price of 190 yen. To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net
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