Sumitomo R&D Hits Another Record Earnings on High Barrier to Entry, Shares Fairly Valued
Sumitomo Realty & Development, or SRD, reported nine-month results in line with our high expectations and is about 20% above the consensus estimate. For the nine-months ended December 2017, the company set another historical high across all lines, already achieving 90% of our forecast earnings. Net profits increased 23% to JPY 108 billion, outpacing the operating profits and revenue increases of 15% and 4%, respectively. The ongoing upward asset price momentum from limited supplies has led t...
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