# The Chiba Bank (8331.JP)

Canonical: https://gigainvestors.com/s/8331.JP

Analysis as of: 2026-10-15T07:11:44.304Z. Financial observations: FY2016–FY2027.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 2,536.50 per share; close as of 2026-10-15.

Estimated value: low JPY 402.81 per share, central JPY 469.28 per share, high JPY 562.02 per share. Buy at or below the central value JPY 469.28 per share. Valuation as of 2026-10-15T07:11:44.304Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2018: JPY 54B

- FY2019: JPY 50B

- FY2020: JPY 48B

- FY2021: JPY 50B

- FY2022: JPY 54B

- FY2023: JPY 60B

- FY2024: JPY 62B

- FY2025: JPY 74B

- FY2026: JPY 94B

- LTM to Jun 2026: JPY 102B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 5.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.2%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 5.9%

- FY2018: 5.8%

- FY2019: 5.4%

- FY2020: 5.3%

- FY2021: 4.8%

- FY2022: 5.2%

- FY2023: 5.8%

- FY2024: 5.4%

- FY2025: 6.6%

- FY2026: 7.7%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.2%

- Book return interval: 10 years

- Starting book value per share: JPY 1K

- Ending book value per share: JPY 2K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 8.0%

- FY2018: 8.2%

- FY2019: 4.6%

- FY2020: 1.6%

- FY2021: 15.0%

- FY2022: 3.5%

- FY2023: 3.6%

- FY2024: 14.9%

- FY2025: -0.6%

- FY2026: 14.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.6%

- Diluted shares, 5-year annual growth: -1.1%

- Share growth excluding flagged crisis recapitalisations: -1.6%

- Five-year share growth excluding flagged crisis recapitalisations: -1.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.66×

- Book value created per share: JPY 714.36

- Earnings retained per share after dividends and buybacks: JPY 431.07

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 98

- FY2018: 96

- FY2019: 93

- FY2020: 91

- FY2021: 90

- FY2022: 90

- FY2023: 88

- FY2024: 87

- FY2025: 86

- FY2026: 85

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 4.9%

- Deposits, annualized growth: 4.2%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 0

## Holders

## Price story

The price assumes profits grow 8.9% a year forever · net income +8.6%

Story as of 2026-10-16T10:00:14.747Z; price observation 2026-10-15.

The price assumes profits grow 8.9% a year forever

### Net income · FY2027

net income +8.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDSE.pdf; observed 2026-06-19.

- FY2018: JPY 54B 

- FY2019: JPY 50B 

- FY2020: JPY 48B 

- FY2021: JPY 50B 

- FY2022: JPY 54B 

- FY2023: JPY 60B 

- FY2024: JPY 62B 

- FY2025: JPY 74B 

- FY2026: JPY 94B 

- FY2027: JPY 102B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are JPY 305.6 billion.

- Source: https://eodhd.com/api/fundamentals/CBR.F.json#2026-03-31 (filed 2026-06-19); FY2026: revenue 305589000000.

### Why customers stay

It earns 5.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on tangible equity observations [[2017,0.05930149518941503],[2018,0.057791284898916814],[2019,0.053761883359356194],[2020,0.05254384304992086],[2021,0.048350948347149696],[2022,0.052169118386124994],[2023,0.0575760846619473],[2024,0.053510673853985447],[2025,0.06622799468099813],[2026,0.0765175925466465]]; median 0.05566898401065175. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 15 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,11783000000],[2018,11900000000],[2019,12060000000],[2020,12033000000],[2021,14114000000],[2022,16360000000],[2023,19084000000],[2024,21740000000],[2025,25041000000],[2026,32543000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDSE.pdf (filed 2026-06-19); FY2026: cash repurchases 15006000000 JPY.

### What the price says

The price assumes profits grow 8.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Price 2536.5; FX 1; original perpetual distributable cash 28.438857476773194; discount 0.1; growth 0.08878815001901313. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 678.00 per share

- 2016-12: JPY 717.00 per share

- 2017-01: JPY 741.00 per share

- 2017-02: JPY 785.00 per share

- 2017-03: JPY 715.00 per share

- 2017-04: JPY 746.00 per share

- 2017-05: JPY 727.00 per share

- 2017-06: JPY 814.00 per share

- 2017-07: JPY 792.00 per share

- 2017-08: JPY 736.00 per share

- 2017-09: JPY 805.00 per share

- 2017-10: JPY 862.00 per share

- 2017-11: JPY 859.00 per share

- 2017-12: JPY 938.00 per share

- 2018-01: JPY 944.00 per share

- 2018-02: JPY 888.00 per share

- 2018-03: JPY 855.00 per share

- 2018-04: JPY 884.00 per share

- 2018-05: JPY 840.00 per share

- 2018-06: JPY 783.00 per share

- 2018-07: JPY 796.00 per share

- 2018-08: JPY 730.00 per share

- 2018-09: JPY 776.00 per share

- 2018-10: JPY 716.00 per share

- 2018-11: JPY 745.00 per share

- 2018-12: JPY 614.00 per share

- 2019-01: JPY 662.00 per share

- 2019-02: JPY 676.00 per share

- 2019-03: JPY 601.00 per share

- 2019-04: JPY 581.00 per share

- 2019-05: JPY 521.00 per share

- 2019-06: JPY 526.00 per share

- 2019-07: JPY 540.00 per share

- 2019-08: JPY 530.00 per share

- 2019-09: JPY 556.00 per share

- 2019-10: JPY 595.00 per share

- 2019-11: JPY 624.00 per share

- 2019-12: JPY 633.00 per share

- 2020-01: JPY 603.00 per share

- 2020-02: JPY 533.00 per share

- 2020-03: JPY 473.00 per share

- 2020-04: JPY 502.00 per share

- 2020-05: JPY 512.00 per share

- 2020-06: JPY 508.00 per share

- 2020-07: JPY 482.00 per share

- 2020-08: JPY 550.00 per share

- 2020-09: JPY 579.00 per share

- 2020-10: JPY 537.00 per share

- 2020-11: JPY 592.00 per share

- 2020-12: JPY 568.00 per share

- 2021-01: JPY 569.00 per share

- 2021-02: JPY 679.00 per share

- 2021-03: JPY 725.00 per share

- 2021-04: JPY 682.00 per share

- 2021-05: JPY 696.00 per share

- 2021-06: JPY 669.00 per share

- 2021-07: JPY 623.00 per share

- 2021-08: JPY 687.00 per share

- 2021-09: JPY 729.00 per share

- 2021-10: JPY 706.00 per share

- 2021-11: JPY 661.00 per share

- 2021-12: JPY 659.00 per share

- 2022-01: JPY 738.00 per share

- 2022-02: JPY 729.00 per share

- 2022-03: JPY 725.00 per share

- 2022-04: JPY 749.00 per share

- 2022-05: JPY 661.00 per share

- 2022-06: JPY 741.00 per share

- 2022-07: JPY 735.00 per share

- 2022-08: JPY 752.00 per share

- 2022-09: JPY 779.00 per share

- 2022-10: JPY 813.00 per share

- 2022-11: JPY 834.00 per share

- 2022-12: JPY 962.00 per share

- 2023-01: JPY 981.00 per share

- 2023-02: JPY 997.00 per share

- 2023-03: JPY 855.00 per share

- 2023-04: JPY 883.00 per share

- 2023-05: JPY 871.00 per share

- 2023-06: JPY 873.90 per share

- 2023-07: JPY 998.70 per share

- 2023-08: JPY 1,041.50 per share

- 2023-09: JPY 1,087.50 per share

- 2023-10: JPY 1,119.50 per share

- 2023-11: JPY 1,106.50 per share

- 2023-12: JPY 1,018.50 per share

- 2024-01: JPY 1,100.00 per share

- 2024-02: JPY 1,218.00 per share

- 2024-03: JPY 1,265.50 per share

- 2024-04: JPY 1,335.00 per share

- 2024-05: JPY 1,493.50 per share

- 2024-06: JPY 1,432.00 per share

- 2024-07: JPY 1,428.50 per share

- 2024-08: JPY 1,225.00 per share

- 2024-09: JPY 1,152.50 per share

- 2024-10: JPY 1,130.00 per share

- 2024-11: JPY 1,250.50 per share

- 2024-12: JPY 1,222.50 per share

- 2025-01: JPY 1,329.00 per share

- 2025-02: JPY 1,353.00 per share

- 2025-03: JPY 1,399.00 per share

- 2025-04: JPY 1,261.00 per share

- 2025-05: JPY 1,314.00 per share

- 2025-06: JPY 1,334.50 per share

- 2025-07: JPY 1,421.00 per share

- 2025-08: JPY 1,524.50 per share

- 2025-09: JPY 1,554.50 per share

- 2025-10: JPY 1,505.50 per share

- 2025-11: JPY 1,644.50 per share

- 2025-12: JPY 1,748.00 per share

- 2026-01: JPY 2,084.00 per share

- 2026-02: JPY 2,327.00 per share

- 2026-03: JPY 1,996.00 per share

- 2026-04: JPY 2,174.00 per share

- 2026-05: JPY 2,326.00 per share

- 2026-06: JPY 2,467.00 per share

- 2026-07: JPY 2,627.00 per share

- 2026-08: JPY 2,820.00 per share

- 2026-09: JPY 2,850.00 per share

- 2026-10: JPY 2,649.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 241.50 per share, central JPY 285.31 per share, high JPY 348.54 per share

- FY2021: low JPY 265.51 per share, central JPY 311.99 per share, high JPY 378.21 per share

- FY2022: low JPY 261.85 per share, central JPY 306.17 per share, high JPY 368.54 per share

- FY2023: low JPY 287.32 per share, central JPY 336.89 per share, high JPY 407.15 per share

- FY2024: low JPY 312.42 per share, central JPY 364.74 per share, high JPY 438.12 per share

- FY2025: low JPY 338.28 per share, central JPY 395.40 per share, high JPY 475.74 per share

- FY2026: low JPY 402.81 per share, central JPY 469.28 per share, high JPY 562.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T07:11:44.304Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDSE.pdf); period 2026-03-31, filed 2026-06-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

The Chiba Bank

8331 · JP

Nikkei 225

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 2,536.50
Buy up to: JPY 469.28
Expected / yr: 5.1% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: JPY 57B
Worst year: JPY 48B
Latest · LTM: JPY 102B

Earned a median 5.6% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 5.6%
Worst year: 4.8%
Latest · 2026: 7.7%

Book value plus dividends grew 7.2% a year (minimum 7%).

Annual book + dividend return

10y median: 6.3%
Worst year: -0.6%
Latest · 2026: 14.1%

Ordinary share growth was -1.6% over the full period and -1.1% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 90
Worst year: 100
Latest · 2026: 85

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 108.15 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 678.00; 2016-12 · Price JPY 717.00; 2017-01 · Price JPY 741.00; 2017-02 · Price JPY 785.00; 2017-03 · Price JPY 715.00; 2017-04 · Price JPY 746.00; 2017-05 · Price JPY 727.00; 2017-06 · Price JPY 814.00; 2017-07 · Price JPY 792.00; 2017-08 · Price JPY 736.00; 2017-09 · Price JPY 805.00; 2017-10 · Price JPY 862.00; 2017-11 · Price JPY 859.00; 2017-12 · Price JPY 938.00; 2018-01 · Price JPY 944.00; 2018-02 · Price JPY 888.00; 2018-03 · Price JPY 855.00; 2018-04 · Price JPY 884.00; 2018-05 · Price JPY 840.00; 2018-06 · Price JPY 783.00; 2018-07 · Price JPY 796.00; 2018-08 · Price JPY 730.00; 2018-09 · Price JPY 776.00; 2018-10 · Price JPY 716.00; 2018-11 · Price JPY 745.00; 2018-12 · Price JPY 614.00; 2019-01 · Price JPY 662.00; 2019-02 · Price JPY 676.00; 2019-03 · Price JPY 601.00; 2019-04 · Price JPY 581.00; 2019-05 · Price JPY 521.00; 2019-06 · Price JPY 526.00; 2019-07 · Price JPY 540.00; 2019-08 · Price JPY 530.00; 2019-09 · Price JPY 556.00; 2019-10 · Price JPY 595.00; 2019-11 · Price JPY 624.00; 2019-12 · Price JPY 633.00; 2020-01 · Price JPY 603.00 · Value 285.31 · Buy at or below 285.31; 2020-02 · Price JPY 533.00 · Value 285.31 · Buy at or below 285.31; 2020-03 · Price JPY 473.00 · Value 285.31 · Buy at or below 285.31; 2020-04 · Price JPY 502.00 · Value 285.31 · Buy at or below 285.31; 2020-05 · Price JPY 512.00 · Value 285.31 · Buy at or below 285.31; 2020-06 · Price JPY 508.00 · Value 285.31 · Buy at or below 285.31; 2020-07 · Price JPY 482.00 · Value 285.31 · Buy at or below 285.31; 2020-08 · Price JPY 550.00 · Value 285.31 · Buy at or below 285.31; 2020-09 · Price JPY 579.00 · Value 285.31 · Buy at or below 285.31; 2020-10 · Price JPY 537.00 · Value 285.31 · Buy at or below 285.31; 2020-11 · Price JPY 592.00 · Value 285.31 · Buy at or below 285.31; 2020-12 · Price JPY 568.00 · Value 285.31 · Buy at or below 285.31; 2021-01 · Price JPY 569.00 · Value 285.31 · Buy at or below 285.31; 2021-02 · Price JPY 679.00 · Value 311.99 · Buy at or below 311.99; 2021-03 · Price JPY 725.00 · Value 311.99 · Buy at or below 311.99; 2021-04 · Price JPY 682.00 · Value 311.99 · Buy at or below 311.99; 2021-05 · Price JPY 696.00 · Value 311.99 · Buy at or below 311.99; 2021-06 · Price JPY 669.00 · Value 311.99 · Buy at or below 311.99; 2021-07 · Price JPY 623.00 · Value 311.99 · Buy at or below 311.99; 2021-08 · Price JPY 687.00 · Value 311.99 · Buy at or below 311.99; 2021-09 · Price JPY 729.00 · Value 311.99 · Buy at or below 311.99; 2021-10 · Price JPY 706.00 · Value 311.99 · Buy at or below 311.99; 2021-11 · Price JPY 661.00 · Value 311.99 · Buy at or below 311.99; 2021-12 · Price JPY 659.00 · Value 311.99 · Buy at or below 311.99; 2022-01 · Price JPY 738.00 · Value 311.99 · Buy at or below 311.99; 2022-02 · Price JPY 729.00 · Value 306.17 · Buy at or below 306.17; 2022-03 · Price JPY 725.00 · Value 306.17 · Buy at or below 306.17; 2022-04 · Price JPY 749.00 · Value 306.17 · Buy at or below 306.17; 2022-05 · Price JPY 661.00 · Value 306.17 · Buy at or below 306.17; 2022-06 · Price JPY 741.00 · Value 306.17 · Buy at or below 306.17; 2022-07 · Price JPY 735.00 · Value 306.17 · Buy at or below 306.17; 2022-08 · Price JPY 752.00 · Value 306.17 · Buy at or below 306.17; 2022-09 · Price JPY 779.00 · Value 306.17 · Buy at or below 306.17; 2022-10 · Price JPY 813.00 · Value 306.17 · Buy at or below 306.17; 2022-11 · Price JPY 834.00 · Value 306.17 · Buy at or below 306.17; 2022-12 · Price JPY 962.00 · Value 306.17 · Buy at or below 306.17; 2023-01 · Price JPY 981.00 · Value 306.17 · Buy at or below 306.17; 2023-02 · Price JPY 997.00 · Value 336.89 · Buy at or below 336.89; 2023-03 · Price JPY 855.00 · Value 336.89 · Buy at or below 336.89; 2023-04 · Price JPY 883.00 · Value 336.89 · Buy at or below 336.89; 2023-05 · Price JPY 871.00 · Value 336.89 · Buy at or below 336.89; 2023-06 · Price JPY 873.90 · Value 336.89 · Buy at or below 336.89; 2023-07 · Price JPY 998.70 · Value 336.89 · Buy at or below 336.89; 2023-08 · Price JPY 1041.50 · Value 336.89 · Buy at or below 336.89; 2023-09 · Price JPY 1087.50 · Value 336.89 · Buy at or below 336.89; 2023-10 · Price JPY 1119.50 · Value 336.89 · Buy at or below 336.89; 2023-11 · Price JPY 1106.50 · Value 336.89 · Buy at or below 336.89; 2023-12 · Price JPY 1018.50 · Value 336.89 · Buy at or below 336.89; 2024-01 · Price JPY 1100.00 · Value 336.89 · Buy at or below 336.89; 2024-02 · Price JPY 1218.00 · Value 364.74 · Buy at or below 364.74; 2024-03 · Price JPY 1265.50 · Value 364.74 · Buy at or below 364.74; 2024-04 · Price JPY 1335.00 · Value 364.74 · Buy at or below 364.74; 2024-05 · Price JPY 1493.50 · Value 364.74 · Buy at or below 364.74; 2024-06 · Price JPY 1432.00 · Value 364.74 · Buy at or below 364.74; 2024-07 · Price JPY 1428.50 · Value 364.74 · Buy at or below 364.74; 2024-08 · Price JPY 1225.00 · Value 364.74 · Buy at or below 364.74; 2024-09 · Price JPY 1152.50 · Value 364.74 · Buy at or below 364.74; 2024-10 · Price JPY 1130.00 · Value 364.74 · Buy at or below 364.74; 2024-11 · Price JPY 1250.50 · Value 364.74 · Buy at or below 364.74; 2024-12 · Price JPY 1222.50 · Value 364.74 · Buy at or below 364.74; 2025-01 · Price JPY 1329.00 · Value 364.74 · Buy at or below 364.74; 2025-02 · Price JPY 1353.00 · Value 395.40 · Buy at or below 395.40; 2025-03 · Price JPY 1399.00 · Value 395.40 · Buy at or below 395.40; 2025-04 · Price JPY 1261.00 · Value 395.40 · Buy at or below 395.40; 2025-05 · Price JPY 1314.00 · Value 395.40 · Buy at or below 395.40; 2025-06 · Price JPY 1334.50 · Value 395.40 · Buy at or below 395.40; 2025-07 · Price JPY 1421.00 · Value 395.40 · Buy at or below 395.40; 2025-08 · Price JPY 1524.50 · Value 395.40 · Buy at or below 395.40; 2025-09 · Price JPY 1554.50 · Value 395.40 · Buy at or below 395.40; 2025-10 · Price JPY 1505.50 · Value 395.40 · Buy at or below 395.40; 2025-11 · Price JPY 1644.50 · Value 395.40 · Buy at or below 395.40; 2025-12 · Price JPY 1748.00 · Value 395.40 · Buy at or below 395.40; 2026-01 · Price JPY 2084.00 · Value 395.40 · Buy at or below 395.40; 2026-02 · Price JPY 2327.00 · Value 469.28 · Buy at or below 469.28; 2026-03 · Price JPY 1996.00 · Value 469.28 · Buy at or below 469.28; 2026-04 · Price JPY 2174.00 · Value 469.28 · Buy at or below 469.28; 2026-05 · Price JPY 2326.00 · Value 469.28 · Buy at or below 469.28; 2026-06 · Price JPY 2467.00 · Value 469.28 · Buy at or below 469.28; 2026-07 · Price JPY 2627.00 · Value 469.28 · Buy at or below 469.28; 2026-08 · Price JPY 2820.00 · Value 469.28 · Buy at or below 469.28; 2026-09 · Price JPY 2850.00 · Value 469.28 · Buy at or below 469.28; 2026-10 · Price JPY 2649.00 · Value 469.28 · Buy at or below 469.28; 2026-10 · Price JPY 2536.50 · Value 469.28 · Buy at or below 469.28

JPY per share · annual estimates

Price & return math
Value range	JPY 402.81 – JPY 562.02
Buy at or below	Central value JPY 469.28
Discount to value	1 − 2536.50 / 469.28 = -440.5%
Return / year	About 5.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 1747.96/share; ROE 5.6%; first payout JPY 28.44/share, growing 3.9% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 102B

Net income

Book / shareJPY 2K

Book / share

Dividend / shareJPY 46.27

Dividend / share

Return on tangible equity7.7%

Return on tangible equity

Diluted shares703M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·