Mitsui’s Earnings Recovery Underpinned by Stronger Commodity Prices; Bearish Outlook Unchanged
No-moat Mitsui’s net profit of JPY 418 billion for the fiscal year ended March 2018 was up 37% year over year. Stripping out one-off losses, the results were largely within our expectations. The strong recovery was primarily attributable to higher iron ore, coal, oil, and gas prices, but a higher valuation gain and tax savings recorded on the back of the U.S. tax reforms also helped. We raise our fiscal 2019-20 earnings estimates by 8%-16% to incorporate our higher near-term commodity price esti...
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