Mitsubishi Estate 1H16 Results in Line; Ability to Realize Capital Gain Offsets Industry Headwinds
No-moat-rated Mitsubishi Estate Corporation, or MEC, reported record-high first half earnings, which were in line with our estimate. MEC continues to improve its margins, largely from steady office rent increases, together with a larger one-off gain on negative goodwill at JPY 7 billion, and capital gains on residential rental properties at JPY 8.5 billion. We reiterate that the company has substantial upside in beating its own estimates given a number of pipeline deals are scheduled to be booke...Mitsubishi Estate is a real estate company. The Building segment is engaged in the development and leasing of office buildings. The Lifestyle Property segment is engaged in the development, leasing and operation of retail properties. The Residential segment is engaged in the construction and sale of condominiums and single-family houses. The International segment is engaged in the real estate leasing and development in the U.S., U.K. and Asia. The Architectural Design & Engineering segment is engaged in the design and administration of construction and civil engineering projects. Co. also operates hotels and provides real estate investment and brokerage services.
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