New Office Supply Driving 3Q16 Results at Mitsubishi Estate; Maintaining FVE at JPY 2,400 per Share
No-moat-rated Mitsubishi Estate Corporation, or MEC, reported strong quarterly results, in line with our estimates. Underlying performance was mixed, however, with weak condominium sales emerging, as the overall industry is starting to feel headwinds with lower transaction turnover out of fear of rising interest rates. For the nine months ended December 2016, operating profit increased 24.1% from the year-ago period to JPY 150 billion, on net revenue increasing by 15.8%. With revenue diversified...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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