Morningstar - Mitsui Co. Ltd (8031) Mitsuiâ€™s 2Q Earnings Driven by Higher Energy Prices; Raising FVE to JPY 1,530; Shares Overvalued

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Morningstar

Chokwai Lee

EUR 100.00 For Business Accounts Only

Mitsuiâ€™s 2Q Earnings Driven by Higher Energy Prices; Raising FVE to JPY 1,530; Shares Overvalued

Mitsui's first-quarter fiscal 2019 (ending March) results announcement does little to alter our view, and we raise our fair value estimate slightly to JPY 1,460 from JPY 1,430 to take into account the time value of money. We still consider the shares as overvalued, as our below-consensus midcycle commodity price assumptions will weigh on Mitsui's long-term profitability.
The firm's net profit rose 7% year over year to JPY 118 billion, helped by better performance of lifestyle (aided by a gain of...

31/10/2018 12 EN

Underlying

Mitsui & Co. Ltd

Mitsui & Co. is a general trading company engaged in a range of global business activities including worldwide trading of various commodities, arranging financing for customers and suppliers in connection with Co.'s trading activities, organizing and coordinating industrial projects, participating in financing and investing arrangements, assisting in the procurement of raw materials and equipment, providing new technologies and processes for manufacturing, and coordinating transportation and marketing of finished goods. Americas, Europe, the Middle East and Africa, and Asia Pacific trade in various commodities and conduct related business led by overseas trading subsidiaries in each region.

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JP3893600001 Japan

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Chokwai Lee

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Mitsuiâ€™s 2Q Earnings Driven by Higher Energy Prices; Raising FVE to JPY 1,530; Shares Overvalued

PSA Market Strategy: How Japan Transformed from a Bear Market to a Bull Market (and is There More to Come?)

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With a more favourable environment, MITSUI improves to Positive

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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