Mitsui Fudosan Shows Revenue Increase and Margin Improvement in 1Q

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Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/565" target="_blank" data-smartkarma-citation="entities:565:1">Mitsui Fudosan Co Ltd (8801 JP)</a>, or MF, missed our adjusted earnings estimate by 15% mainly due to lower-than-expected institutional sales of investment property and disappointing performance in overseas business. Although management maintained the full-year forecast, which implies a 6.2% EPS increase for the year, we are less confident in the underlying business strength as the group continues to ramp up the investment in underperforming segments ahead of real demand. A benign financial market…</p>

Mitsui Fudosan Co Ltd (8801 JP), or MF, missed our adjusted earnings estimate by 15% mainly due to lower-than-expected institutional sales of investment property and disappointing performance in overseas business. Although management maintained the full-year forecast, which implies a 6.2% EPS increase for the year, we are less confident in the underlying business strength as the group continues to ramp up the investment in underperforming segments ahead of real demand. A benign financial market…

An Uphill Battle Awaits for Building Large Asset Risk Ahead of Real Demand, MF’s Shares Overvalued