Mitsubishi Estate's FY18 Results Show Better Profitability but Growth Will Slow; FVE Up to JPY 2,300
Mitsubishi Estate's, or MEC's, operating margin held up better than we expected, leading to fiscal 2018 (fiscal year ended March 2018) net profit of JPY 120 billion, around 6% ahead of our estimate. We raise our gross profit margin assumptions by 100-200 basis points for fiscal 2019-23 to around 25%, leading to an average 9.5% upward revision in our earnings estimates. Our fair value estimate increases to JPY 2,300 from JPY 2,100, with the estimated unrealized revaluation gains of its assets rem...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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