Mitsui Fudosan’s Results Lifted by Asset Disposals as Expected; Maintain FVE at JPY 2,600 per Share
No-moat-rated Mitsui Fudosan, or MF, reported the record quarterly results in line with our high expectation for the full year ending March 31, 2017. Similar to its peers, large capital gain on investment property continues to offset underlying results with softer housing demand having started to affect the condominium sales outside Central Tokyo. While the pace of improvement has slowed due to lower transaction flows, the company still benefits from near-term capital gains in development profit...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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