MITSUBISHI ESTATE (JP), a company active in the Real Estate Holding & Development industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date February 15, 2022...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
After failing to break above resistance, global equities (MSCI ACWI) have had a rough start to the third quarter. Tuesday's 10-year low reading for September's US ISM manufacturing index further spooked investors and reignited global growth concerns. Continued weakness in global manufacturing and the US-EU tariff escalation raises the potential for a breakdown in global equities, however our outlook remains neutral as long as the MSCI ACWI remains confined to its horizontal range. • Prevailin...
Testing 200-day MA support Generally speaking most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or comments from the Fed suggesting a potential rate cut on the horizon - both of which would result in a weaker U.S. dollar - we believe global markets are vulnerable to further weakness. With global markets in purgatory, we are watching for support at the all-important 200-day moving averages on the S&P 500, ...
Mitsubishi Estate made a surprisingly positive change to its shareholder orientation by announcing the removal of its takeover defense measures and its first-ever share buyback. The company originally introduced the takeover defense measures in 2007, when the large unrealized gains on its numerous office properties in the Marunouchi district between Tokyo Station and the Japanese Imperial Palace attracted some attention from activist investors. After instituting the takeover defense plan in 200...
Mitsubishi Estate made a surprisingly positive change to its shareholder orientation by announcing the removal of its takeover defense measures and its first-ever share buyback. The company originally introduced the takeover defense measures in 2007, when the large unrealized gains on its numerous office properties in the Marunouchi district between Tokyo Station and the Japanese Imperial Palace attracted some attention from activist investors. After instituting the takeover defense plan in 200...
Mitsubishi Estate made a surprisingly positive change to its shareholder orientation by announcing the removal of its takeover defense measures and its first-ever share buyback. The company originally introduced the takeover defense measures in 2007, when the large unrealized gains on its numerous office properties in the Marunouchi district between Tokyo Station and the Japanese Imperial Palace attracted some attention from activist investors. After instituting the takeover defense plan in 200...
Mitsubishi Estate delivered solid results for the October-December quarter, achieving 76% of its operating profit guidance of JPY 215 billion for the fiscal year ending March 2019 and 79% of its full-year net profit guidance of JPY 123 billion. Annualized ROE for the quarter was 8.0%, compared with 7.2% for the fiscal first half and 7.3% last fiscal year, while earnings depended on capital gains to a lesser degree. Capital gains totaled about JPY 2 billion in the quarter, versus an average of ar...
Mitsubishi Estate delivered solid results for the October-December quarter, achieving 76% of its operating profit guidance of JPY 215 billion for the fiscal year ending March 2019 and 79% of its full-year net profit guidance of JPY 123 billion. Annualized ROE for the quarter was 8.0%, compared with 7.2% for the fiscal first half and 7.3% last fiscal year, while earnings depended on capital gains to a lesser degree. Capital gains totaled about JPY 2 billion in the quarter, versus an average of ar...
Mitsubishi Estate delivered solid results for the October-December quarter, achieving 76% of its operating profit guidance of JPY 215 billion for the fiscal year ending March 2019 and 79% of its full-year net profit guidance of JPY 123 billion. Annualized ROE for the quarter was 8.0%, compared with 7.2% for the fiscal first half and 7.3% last fiscal year, while earnings depended on capital gains to a lesser degree. Capital gains totaled about JPY 2 billion in the quarter, versus an average of ar...
We keep our fair value estimate on no-moat Mitsubishi Estate, or MEC, unchanged at JPY 2,300 after revising our cash flow forecast model. MEC's second-quarter fiscal 2019 net profit, for the period ended September 2018, of JPY 38.6 billion puts the company well on track to meet full-year guidance of JPY 123 billion. Our fair value estimate remains underpinned by the company's substantial unrealized gain in its real estate assets of JPY 3.4 trillion. However, we see earnings growth slowing to aro...
We keep our fair value estimate on no-moat Mitsubishi Estate, or MEC, unchanged at JPY 2,300 after revising our cash flow forecast model. MEC's second-quarter fiscal 2019 net profit, for the period ended September 2018, of JPY 38.6 billion puts the company well on track to meet full-year guidance of JPY 123 billion. Our fair value estimate remains underpinned by the company's substantial unrealized gain in its real estate assets of JPY 3.4 trillion. However, we see earnings growth slowing to aro...
We keep our fair value estimate on no-moat Mitsubishi Estate, or MEC, unchanged at JPY 2,300 after revising our cash flow forecast model. MEC's second-quarter fiscal 2019 net profit, for the period ended September 2018, of JPY 38.6 billion puts the company well on track to meet full-year guidance of JPY 123 billion. Our fair value estimate remains underpinned by the company's substantial unrealized gain in its real estate assets of JPY 3.4 trillion. However, we see earnings growth slowing to aro...
Mitsubishi Estate Co, or MEC, remains relatively attractive with first-quarter (for fiscal year ending March 2019) performance that is within our expectations. We believe the company is on track to meet our full-year earnings growth estimate of 7.6% and we leave our projections and our fair value of JPY 2,300 unchanged. We remain slightly more optimistic with our fiscal 2019 net profit forecast around 5% above management guidance on our view that MEC should be able to sustain an operating margin...
Mitsubishi Estate Co, or MEC, remains relatively attractive with first-quarter (for fiscal year ending March 2019) performance that is within our expectations. We believe the company is on track to meet our full-year earnings growth estimate of 7.6% and we leave our projections and our fair value of JPY 2,300 unchanged. We remain slightly more optimistic with our fiscal 2019 net profit forecast around 5% above management guidance on our view that MEC should be able to sustain an operating margin...
Mitsubishi Estate's, or MEC's, operating margin held up better than we expected, leading to fiscal 2018 (fiscal year ended March 2018) net profit of JPY 120 billion, around 6% ahead of our estimate. We raise our gross profit margin assumptions by 100-200 basis points for fiscal 2019-23 to around 25%, leading to an average 9.5% upward revision in our earnings estimates. Our fair value estimate increases to JPY 2,300 from JPY 2,100, with the estimated unrealized revaluation gains of its assets rem...
Mitsubishi Estate, or MEC, reported first-half results that were in line with our expectations after adjusting for a number of one-off issues. An increase in capital gains from rental properties offset the slow start in the previous quarter. Year-to-date earnings are moving closer to our full-year forecast, which is tracking about 5% above the company’s original forecast. As expected, management raised its earnings guidance slightly, by about 4%, reflecting steady office rental increases and l...
Mitsubishi Estate, or MEC, reported first-half results that were in line with our expectations after adjusting for a number of one-off issues. An increase in capital gains from rental properties offset the slow start in the previous quarter. Year-to-date earnings are moving closer to our full-year forecast, which is tracking about 5% above the company’s original forecast. As expected, management raised its earnings guidance slightly, by about 4%, reflecting steady office rental increases and l...
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