Mitsui’s 3Q Earnings Underpinned By Resources and Energy Businesses; Shares Remain Overvalued
No-moat Mitsui’s cumulative nine-month fiscal 2019 (ending March) net profit of JPY 350 billion, down 6% year over year, was within our expectation. After fine-tuning our earnings model to incorporate our latest commodity price deck and lower dividend from Vale, we keep our fair value estimate of JPY 1,530. Our bearish view on the firm is unchanged given its high exposure to energy and mining businesses. We believe Mitsui’s profitability will be constrained by our below-consensus midcycle commod...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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