Mitsui Fudosan benefits from urban migration, but population decline poses a long-term challenge.
No-moat Mitsui Fudosan reported first-quarter results in line with our expectation for the full year ending March 31, 2017. The company reported an operating profit decrease of 8.7% to JPY 47.5 billion on a flat revenue of JPY 356.4 billion. Net profits decreased 3.5% to JPY 34.2 billion as management opted to realize some gains from large security holdings amounting to JPY 588 billion.Our fair value estimate for Mitsui Fudosan is reduced to JPY 2,400 from JPY 3,000, representing 1.2 times to o...
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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