MHI's Aircraft Unit Sued by Bombardier, Reminder of the Nightmare that MRJ Has Become
We retain our earnings forecast and fair value estimate of JPY 4,800 for no-moat Mitsubishi Heavy Industries, or MHI, following news that Bombardier is suing Mitsubishi Aircraft Corp, or MAC, for stealing its intellectual property on aircraft certification in North America. As it is, MHI is expecting losses of JPY 90 billion related to the Mitsubishi Regional Jet, or MRJ, project for the fiscal year ending March 2019 (financial year 2018). Our current fair value estimate assumes that losses will...Mitsubishi Heavy Industries is a manufacturer of heavy machinery. Along with its affiliates, Co. is engaged in the design, manufacture, installation, sale and after-sales services of boilers, turbines, diesel engines, power generation facilities, passenger ships, liquefied natural gas ("LNG") ships, liquefied petroleum gas ("LPG") ships, container ships, oil tankers, offshore structure, civil aircraft and aero engine, defense equipment, space equipment, waste treatment systems, traffic systems, cranes, forklifts, construction and agricultural machinery, and others. Co. is also engaged in the sale, purchase and leasing of properties and the printing business.
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