Strong Commodity Prices Continue to Drive Mitsui’s Earnings Higher; Long-Term Outlook Unchanged
Although we have raised no-moat Mitsui’s fair value estimate to JPY 1,280 from JPY 1,170 to take into account the recent strength in commodity prices, we still think Mitsui is overvalued given our bearish midcycle price forecasts, which are unchanged. We still expect commodity prices to remain lower for longer, with China growth slowing in the medium term and with a declining industry cost curve that limits excess supply correction. Mitsui reported first-half fiscal 2018 (ending March) net profi...
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