In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.
MITSUI (JP), a company active in the Industrial Suppliers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date December 10, 2021, the closing price was JPY 2,570.00 and its potential was estimate...
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....
Mitsui, one of Japan's oldest and largest general trading companies, has grown into a global conglomerate with diversified operations in trading, energy, mineral and metal resources, infrastructure, agricultural production, chemicals, and healthcare.In recognition of the burgeoning emerging-markets appetite for natural resources, Mitsui is determined to secure a stable supply of commodities and energy for the export-oriented Japanese economy. Aided by low-cost funding and impressive market-timin...
We continue to see no-moat Mitsui as overvalued following the fiscal year ended March's net profit of JPY 414 billion, which was down 1% year over year. Stripping out a one-off loss of JPY 20.6 billion due to the fire at Intercontinental Terminals Company in March, results were largely within our expectations. Earnings from its metal resources segment were down 35%, but this was due to the absence of a valuation gain that had lifted fiscal 2018 earnings. Mitsui otherwise got a boost from the ene...
We continue to see no-moat Mitsui as overvalued following the fiscal year ended March's net profit of JPY 414 billion, which was down 1% year over year. Stripping out a one-off loss of JPY 20.6 billion due to the fire at Intercontinental Terminals Company in March, results were largely within our expectations. Earnings from its metal resources segment were down 35%, but this was due to the absence of a valuation gain that had lifted fiscal 2018 earnings. Mitsui otherwise got a boost from the ene...
Mitsui, one of Japan's oldest and largest general trading companies, has grown into a global conglomerate with diversified operations in trading, energy, mineral and metal resources, infrastructure, agricultural production, chemicals, and healthcare.In recognition of the burgeoning emerging-markets appetite for natural resources, Mitsui is determined to secure a stable supply of commodities and energy for the export-oriented Japanese economy. Aided by low-cost funding and impressive market-timin...
We continue to see no-moat Mitsui as overvalued following the fiscal year ended March's net profit of JPY 414 billion, which was down 1% year over year. Stripping out a one-off loss of JPY 20.6 billion due to the fire at Intercontinental Terminals Company in March, results were largely within our expectations. Earnings from its metal resources segment were down 35%, but this was due to the absence of a valuation gain that had lifted fiscal 2018 earnings. Mitsui otherwise got a boost from the ene...
No-moat Mitsui’s cumulative nine-month fiscal 2019 (ending March) net profit of JPY 350 billion, down 6% year over year, was within our expectation. After fine-tuning our earnings model to incorporate our latest commodity price deck and lower dividend from Vale, we keep our fair value estimate of JPY 1,530. Our bearish view on the firm is unchanged given its high exposure to energy and mining businesses. We believe Mitsui’s profitability will be constrained by our below-consensus midcycle co...
No-moat Mitsui’s cumulative nine-month fiscal 2019 (ending March) net profit of JPY 350 billion, down 6% year over year, was within our expectation. After fine-tuning our earnings model to incorporate our latest commodity price deck and lower dividend from Vale, we keep our fair value estimate of JPY 1,530. Our bearish view on the firm is unchanged given its high exposure to energy and mining businesses. We believe Mitsui’s profitability will be constrained by our below-consensus midcycle co...
No-moat Mitsui’s cumulative nine-month fiscal 2019 (ending March) net profit of JPY 350 billion, down 6% year over year, was within our expectation. After fine-tuning our earnings model to incorporate our latest commodity price deck and lower dividend from Vale, we keep our fair value estimate of JPY 1,530. Our bearish view on the firm is unchanged given its high exposure to energy and mining businesses. We believe Mitsui’s profitability will be constrained by our below-consensus midcycle co...
No-moat Mitsui’s cumulative nine-month fiscal 2019 (ending March) net profit of JPY 350 billion, down 6% year over year, was within our expectation. After fine-tuning our earnings model to incorporate our latest commodity price deck and lower dividend from Vale, we keep our fair value estimate of JPY 1,530. Our bearish view on the firm is unchanged given its high exposure to energy and mining businesses. We believe Mitsui’s profitability will be constrained by our below-consensus midcycle co...
There was no major surprise in Mitsui’s first-half fiscal 2019 (ending March) results, with net profit down 6% year over year to JPY 223 billion, largely due to the absence of one-off gains. After incorporating our latest commodity price deck to reflect higher near-term prices, we raise our fiscal 2019-20 earnings forecasts by 8%-15% and increase our fair value estimate to JPY 1,530 from JPY 1,460. We think the shares are overvalued given its high exposure to energy and mining businesses, as o...
There was no major surprise in Mitsui’s first-half fiscal 2019 (ending March) results, with net profit down 6% year over year to JPY 223 billion, largely due to the absence of one-off gains. After incorporating our latest commodity price deck to reflect higher near-term prices, we raise our fiscal 2019-20 earnings forecasts by 8%-15% and increase our fair value estimate to JPY 1,530 from JPY 1,460. We think the shares are overvalued given its high exposure to energy and mining businesses, as o...
There was no major surprise in Mitsui’s first-half fiscal 2019 (ending March) results, with net profit down 6% year over year to JPY 223 billion, largely due to the absence of one-off gains. After incorporating our latest commodity price deck to reflect higher near-term prices, we raise our fiscal 2019-20 earnings forecasts by 8%-15% and increase our fair value estimate to JPY 1,530 from JPY 1,460. We think the shares are overvalued given its high exposure to energy and mining businesses, as o...
Mitsui's first-quarter fiscal 2019 (ending March) results announcement does little to alter our view, and we raise our fair value estimate slightly to JPY 1,460 from JPY 1,430 to take into account the time value of money. We still consider the shares as overvalued, as our below-consensus midcycle commodity price assumptions will weigh on Mitsui's long-term profitability. The firm's net profit rose 7% year over year to JPY 118 billion, helped by better performance of lifestyle (aided by a gain of...
Mitsui's first-quarter fiscal 2019 (ending March) results announcement does little to alter our view, and we raise our fair value estimate slightly to JPY 1,460 from JPY 1,430 to take into account the time value of money. We still consider the shares as overvalued, as our below-consensus midcycle commodity price assumptions will weigh on Mitsui's long-term profitability. The firm's net profit rose 7% year over year to JPY 118 billion, helped by better performance of lifestyle (aided by a gain o...
Mitsui's first-quarter fiscal 2019 (ending March) results announcement does little to alter our view, and we raise our fair value estimate slightly to JPY 1,460 from JPY 1,430 to take into account the time value of money. We still consider the shares as overvalued, as our below-consensus midcycle commodity price assumptions will weigh on Mitsui's long-term profitability. The firm's net profit rose 7% year over year to JPY 118 billion, helped by better performance of lifestyle (aided by a gain o...
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