Mitsui’s Strong 1Q Fiscal 2018 Results Do Not Change Our Long-term Bearish Outlook
In line with recovering commodity prices, no-moat Mitsui reported a strong set of results which see first-quarter fiscal 2018 (ending March) net profit beating our expectation and accounted for 35% of our full-year forecast. Nonetheless, we retain our earnings forecasts as we expect commodity prices will gradually fall while there will be less reversal of impairment losses going forward. We raise our fair value estimate slightly to JPY 1,170 from JPY 1,160 to take into account the time value of ...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.
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.
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