Mitsubishi Estate’s Upward Earning Revision Is Not News; Limited Upside to Our FVE
Mitsubishi Estate, or MEC, reported first-half results that were in line with our expectations after adjusting for a number of one-off issues. An increase in capital gains from rental properties offset the slow start in the previous quarter. Year-to-date earnings are moving closer to our full-year forecast, which is tracking about 5% above the company’s original forecast. As expected, management raised its earnings guidance slightly, by about 4%, reflecting steady office rental increases and lar...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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