reports
- Chokwai Lee
- CFA
Mitsui’s Earnings Recovery Underpinned by Stronger Commodity Prices;...
No-moat Mitsui’s net profit of JPY 418 billion for the fiscal year ended March 2018 was up 37% year over year. Stripping out one-off losses, the results were largely within our expectations. The strong recovery was primarily attributable to higher iron ore, coal, oil, and gas prices, but a higher valuation gain and tax savings recorded on the back of the U.S. tax reforms also helped. We raise our fiscal 2019-20 earnings estimates by 8%-16% to incorporate our higher near-term commodity price es...
- Chokwai Lee
- CFA
Mitsui’s earnings recovery will be constrained by lacklustre commodi...
We raise our fair value estimate for no-moat Mitsui to JPY 1,360 from JPY 1,280, taking into account its better-than-expected results, largely driven by the recent strength in commodity prices. Although our fiscal 2018-19 (ending March) earnings forecasts are increased by 10%-21%, we think Mitsui remains overvalued, as its strong earnings are unlikely to be sustained, given our bearish midcycle price forecasts. Mitsui’s cumulative nine-month fiscal 2018 (ending March) net profit of JPY 377 bi...
Mitsui & Co Ltd (8031) - Oil & Gas - Deals and Alliances Profile
Summary Mitsui & Co Ltd (Mitsui) is a business conglomerate. The company sells, distributes, purchases, markets and supplies wide variety of products in business areas including: iron and steel; non-ferrous metals; machinery; electronics; chemicals; energy-related commodities; foods & retail, lifestyle and consumer service. It also participates in the other activities such as arranging finance for customers and suppliers in connection with its trading activities, organizing and coordinating int...
Mitsui & Co Ltd (8031) - Power - Deals and Alliances Profile
Summary Mitsui & Co Ltd (Mitsui) is a business conglomerate. The company sells, distributes, purchases, markets and supplies wide variety of products in business areas including: iron and steel; non-ferrous metals; machinery; electronics; chemicals; energy-related commodities; foods & retail, lifestyle and consumer service. It also participates in the other activities such as arranging finance for customers and suppliers in connection with its trading activities, organizing and coordinating int...
Mitsui & Co Ltd (8031) - Oil & Gas - Deals and Alliances Profile
Summary Mitsui & Co Ltd (Mitsui) is a business conglomerate. The company sells, distributes, purchases, markets and supplies wide variety of products in business areas including: iron and steel; non-ferrous metals; machinery; electronics; chemicals; energy-related commodities; foods & retail, lifestyle and consumer service. It also participates in the other activities such as arranging finance for customers and suppliers in connection with its trading activities, organizing and coordinating int...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.