5 Beaten-Down Asian Stocks to Buy Today

4. Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG)

Number of Hedge Fund Holders: 14

YTD Share Price Decline as of June 9: 16.02%

Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) was incorporated in 2002 and is headquartered in Tokyo, Japan. The company provides commercial banking, leasing, consumer finance, and other financial services, operating through four segments – Wholesale Business Unit, Retail Business Unit, Global Business Unit, and Global Markets Business Unit. 

On April 27, Goldman Sachs analyst Makoto Kuroda initiated coverage of Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) with a Buy rating and a 4,900 yen price target, naming it his top pick among Japanese banks. He sees room for its multiples to recover due to strong fundamentals and shareholder returns. The removal of the present overhang presented by the brokerage subsidiary investigation is a “clear catalyst” for Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG), the analyst told investors.

According to Insider Monkey’s data, 14 hedge funds were long Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) at the conclusion of Q1 2022, up from 10 funds in the last quarter. Jim Simons’ Renaissance Technologies is one of the largest shareholders of the company, with 3.65 million shares worth about $23 million.