Mitsui’s earnings recovery will be constrained by lacklustre commodity prices.
We raise our fair value estimate for no-moat Mitsui to JPY 1,360 from JPY 1,280, taking into account its better-than-expected results, largely driven by the recent strength in commodity prices. Although our fiscal 2018-19 (ending March) earnings forecasts are increased by 10%-21%, we think Mitsui remains overvalued, as its strong earnings are unlikely to be sustained, given our bearish midcycle price forecasts.Mitsui’s cumulative nine-month fiscal 2018 (ending March) net profit of JPY 377 bill...
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.