Morningstar - Mitsubishi Heavy Industries Ltd. (7011) Mitsubishi Heavy Industries Faces Sales Headwinds; We Lower Assumed Midcycle Margins, FVE Lowered

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Morningstar

Lorraine Tan

EUR 100.00 For Business Accounts Only

Mitsubishi Heavy Industries Faces Sales Headwinds; We Lower Assumed Midcycle Margins, FVE Lowered

Mitsubishi Heavy Industries' second-quarter fiscal year 2018 (ending March 2019) performance wasn't bad, with revenue growth improving in its core power systems and aircraft segments, but the group's challenged regional jet project remains a negative overhang. Our lowered earnings estimate and fair value estimate to JPY 4,640 from JPY 4,800 reflects a more subdued midterm outlook. Our cash flow forecast assumes that the JPY 170 billion that the firm will pump into subsidiary Mitsubishi Aircraft ...

01/11/2018 14 EN

Underlying

Mitsubishi Heavy Industries Ltd.

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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JP3900000005 Japan

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Lorraine Tan

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Mitsubishi Heavy Industries Faces Sales Headwinds; We Lower Assumed Midcycle Margins, FVE Lowered

PSA Market Strategy: Japan Perspective for 2023

For MITSUBISHI HEAVY INDS., the environment deterioration entails a downgrade to Neutral

Monthly LMI Update Independent Investment Research

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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