As Rival Announces Unexpected Large Buyback, Mitsui Fudosan Still Focused on Growth
We raise our fair value estimate on Mitsui Fudosan from JPY 2,840 to JPY 3,000 (19% above its share price) as we roll forward our model to incorporate its in line results for the year ended March 2019 reported May 10.On May 14, Mitsui Fudosan held a results meeting where management answered analyst questions. We think the discussions about the company’s target financial leverage and governance are particularly relevant after its rival Mitsubishi Estate announced on May 14 an unexpectedly large ...
Mitsui Fudosan is a real estate group based in Japan. Co.'s operations are organized along five segments: Leasing (leases office buildings, commercial facilities and housing); Property Sales (distributes housing and commercial facilities); Management (provision of management, maintenance and cleaning services, outsourcing services for rental housing and consultation services, parking lots, housing trading and leasing businesses, operation of private placement real estate funds, and the real-estate investment trust asset management business); Mitsui Home (construction of housing, offices and facilities); and Others (operates hotels, restaurants, golf courses and resort facilities).
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