Mitsubishi Estate’s Growth Ambition Beyond Marunouchi Remains Unfulfilled, Limited Upside to our FVE
Mitsubishi Estate Corporation, or MEC, reported the first-quarter results slightly below our expectation. The slow start represents only 15.9% of our full-year earnings forecast in absence of capital gains and delivery of large-scale residential developments. While its mainstay office leasing still benefits from the country’s highest rent around Marunouchi, revenue, operating profits, and net profits fell 3.3%, 24.3%, 34.5%, respectively, year over year. For the year ending March 2018 or fiscal ...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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