Mitsubishi Estate 1Q in Line, We keep our FVE at JPY 2,300
Mitsubishi Estate Co, or MEC, remains relatively attractive with first-quarter (for fiscal year ending March 2019) performance that is within our expectations. We believe the company is on track to meet our full-year earnings growth estimate of 7.6% and we leave our projections and our fair value of JPY 2,300 unchanged. We remain slightly more optimistic with our fiscal 2019 net profit forecast around 5% above management guidance on our view that MEC should be able to sustain an operating margin...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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