Reinitiating Coverage of Mitsubishi Heavy Industries With a Higher FVE of JPY 504; 1Q Results Mixed
A transfer of coverage for Mitsubishi Heavy Industries, or MHI, sees us lift our fair value estimate to JPY 504 from JPY 450 as we adjust our medium-term assumptions on its profit margins slightly higher to 6.8% from 6.3%, reflecting some success in meeting its efficiency targets. MHI’s operating margins lag its global peers in the power turbines and defense industries due to its higher cost base and a lack of scale in the latter. In this regard, we think management’s focus on right-sizing core ...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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