Mitsui Fudosan benefits from urban migration, but population decline poses a long-term challenge.
Despite the concern of slow run rate through the first nine months of the fiscal year, Mitsui Fudosan, or MF, slightly exceeded its full-year target as a result of robust sales revenue pickup during the last quarter. Excluding extraordinary items, the company’s earnings were 2% ahead of our initial projection. The balance sheet has become more leveraged with higher residential property inventory, causing net gearing to rise slowly to 109% at fiscal year-end, compared with 104% a year ago. But th...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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