Mitsui’s 2Q Earnings Driven by Higher Energy Prices; Raising FVE to JPY 1,530; Shares Overvalued
There was no major surprise in Mitsui’s first-half fiscal 2019 (ending March) results, with net profit down 6% year over year to JPY 223 billion, largely due to the absence of one-off gains. After incorporating our latest commodity price deck to reflect higher near-term prices, we raise our fiscal 2019-20 earnings forecasts by 8%-15% and increase our fair value estimate to JPY 1,530 from JPY 1,460. We think the shares are overvalued given its high exposure to energy and mining businesses, as our...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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