Mitsubishi Estate Co Ltd

8802: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Japanese Real Estate Developers’ April-June Results in Line With Expectations; FVEs Maintained

Aug 11, 2022

We maintain our fair value estimates of JPY 2,800 for Mitsui Fudosan, JPY 2,200 for Mitsubishi Estate, and JPY 4,000 for Sumitomo Realty after the Japanese real estate developers’ results for April-June, the first quarter in their fiscal years ending March 2023. Our fair value estimates are equivalent to 0.54 times net asset value for Mitsui Fudosan, 0.58 times for Mitsubishi Estate, and 0.46 times for Sumitomo Realty, assuming 30% tax on unrealized gains, and represent 17% upside for Mitsubishi Estate and 15% upside for Sumitomo Realty from their current share prices. Mitsui Fudosan’s current share price is near our fair value estimate.

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Mitsubishi Estate Co Ltd

Japanese Real Estate Developers’ April-June Results in Line With Expectations; FVEs Maintained

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