MHI’s First-Half Result Missed on Weaker Margin and Tepid Demand; FVE Cut to JPY 450 per Share
No-moat Mitsubishi Heavy Industries, or MHI, reported weak first-half results that fell short of our expectations. MHI’s net loss widened to JPY 18.9 billion on the stronger yen, a net loss at Mitsubishi Motor, and extraordinary losses from its cruise business, while revenue decreased 7% year on year to JPY 847 billion amid softer sales across nearly all core segments. We cut our full-year net income estimate by 17% to JPY 85 billion to factor in the charges and weaker margins. Our fair value es...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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