Mitsui Fudosan benefits from urban migration, but population decline poses a long-term challenge.
No-moat-rated Mitsui Fudosan, or MF, reported the record 2016 results in line with our high expectation for the full year ended March 31, 2017. Larger-than-expected capital gain lifted the net profits 12% year on year to JPY 131.8 billion outpacing the revenue growth of  8.7%. The revenue growth is supported by two new retail facilities openings for fiscal 2016 and six retail facilities and two office building openings for fiscal 2015 starting to contribute to the full-year results. For fiscal 2...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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