Mitsubishi Estate Still Looks Reasonably Attractive, No Change to our FVE After its 2Q Results
We keep our fair value estimate on no-moat Mitsubishi Estate, or MEC, unchanged at JPY 2,300 after revising our cash flow forecast model. MEC's second-quarter fiscal 2019 net profit, for the period ended September 2018, of JPY 38.6 billion puts the company well on track to meet full-year guidance of JPY 123 billion. Our fair value estimate remains underpinned by the company's substantial unrealized gain in its real estate assets of JPY 3.4 trillion. However, we see earnings growth slowing to aro...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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