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Morningstar, Inc.

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Equity Bottom-Up

We are Initiating Coverage of Mitsubishi Estate Corporation.Since the group’s first land acquisition in 1894, its increased business scale and its invaluable core-member status in the Mitsubishi group (the largest zaibatsu group in Japan, backed by the largest banking group in Japan) have allowed Mitsubishi Estate to embark on large projects ahead of its peers...Analysts: Philip Zhong &amp; Michael Wu, CAIA

We are Initiating Coverage of Mitsubishi Estate Corporation.Since the group’s first land acquisition in 1894, its increased business scale and its invaluable core-member status in the Mitsubishi group (the largest zaibatsu group in Japan, backed by the largest banking group in Japan) have allowed Mitsubishi Estate to embark on large projects ahead of its peers...Analysts: Philip Zhong &amp; Michael Wu, CAIA

The Critical Mass of Marunouchi Properties Offers Near-Term Positives but Long-Term Concerns.

Mitsui Fudosan's first-quarter revenue rose 8.4% year over year, to JPY 357.7 billion from JPY 330.0 billion, primarily driven by revenue increases in its three core business segments.<ul><li class="p1">Leasing up 8.5%</li><li class="p1">Property sales up 16.8%</li><li class="p1">Management up 5.5% - despite a 3.4% revenue decline in the Mitsui home segment due to lower orders for new construction item.</li></ul>The group's total operating margin rose to 14.6%, compared with 10.3% in the prior-year quarter, with operating margin improvement in the three core business segments mentioned above, all of which showed double-digit operating margin for the first quarter.Consequently, net margin notched 9.9%, a moderate increase from 4.8% a year earlier.

Mitsui Fudosan's first-quarter revenue rose 8.4% year over year, to JPY 357.7 billion from JPY 330.0 billion, primarily driven by revenue increases in its three core business segments.Leasing up 8.5%Property sales up 16.8%Management up 5.5% - despite a 3.4% revenue decline in the Mitsui home segment due to lower orders for new construction item.The group's total operating margin rose to 14.6%, compared with 10.3% in the prior-year quarter, with operating margin improvement in the three core business segments mentioned above, all of which showed double-digit operating margin for the first quarter.Consequently, net margin notched 9.9%, a moderate increase from 4.8% a year earlier.

Mitsui Fudosan Shows Revenue Increase and Margin Improvement in 1Q

Independent Insight Provider

Hao Wang, CFA

Top two real estate companies in Japan, namely Mitsui Fudosan (Mitsui) and Mitsubishi Estate (Mitsubishi), are diverging in their strategies&nbsp;of running centuries-old real estate business. Mitsui Fudosan stands out&nbsp;because it has&ndash;diversified in geography and by asset class&ndash;improving profitability&ndash;higher visible growth&ndash;cheaper valuationsWhilst these businesses are traditionally seen as very similar, diverging strategies sets them apart, and I expect it will lead to increasingly diverging share price performance.&nbsp;

Top two real estate companies in Japan, namely Mitsui Fudosan (Mitsui) and Mitsubishi Estate (Mitsubishi), are diverging in their strategies&nbsp;of running centuries-old real estate business. Mitsui Fudosan stands out&nbsp;because it has&ndash;diversified in geography and by asset class&ndash;improving profitability&ndash;higher visible growth&ndash;cheaper valuationsWhilst these businesses are traditionally seen as very similar, diverging strategies sets them apart, and I expect it will lead to increasingly diverging share price performance.&nbsp;

Mitsui (8801 JP) vs Mitsubishi (8802 JP): Make a difference in the same old real estate business

Japan

Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing, subdivision, construction, sales, and maintenance of office buildings and residential houses.  The Company also manufactures building materials, operates commercial facilities including hotels and golf places, and provides financial services such as securitization of real estate properties.

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Mitsui Fudosan (8801 JP)

The Critical Mass of Marunouchi Properties Offers Near-Term Positives but Long-Term Concerns.

We are Initiating Coverage of Mitsubishi Estate Corporation.Since the group’s first land acquisition in 1894, its increased business scale and its...

Morningstar, Inc.

Mitsui Fudosan Shows Revenue Increase and Margin Improvement in 1Q

Mitsui Fudosan's first-quarter revenue rose 8.4% year over year, to JPY 357.7 billion from JPY 330.0 billion, primarily driven by revenue increases...

Morningstar, Inc.

Mitsui (8801 JP) vs Mitsubishi (8802 JP): Make a difference in the same old real estate business

Top two real estate companies in Japan, namely Mitsui Fudosan (Mitsui) and Mitsubishi Estate (Mitsubishi), are diverging in their strategies of...

Hao Wang, CFA

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