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: We Revise Our Uncertainty Ratings to Medium From High

May 31, 2023

We are revising the Morningstar Uncertainty Ratings for Japanese real estate developers in our coverage to Medium from High. We have maintained the High uncertainty rating since August 2020 due to the risks of secular destruction of demand for office leasing from the work-from-home trend, but after close to three years having assigned High ratings we now think visibility over future office demand is sufficient to revert them back to the Medium level. This lower Uncertainty level has the effect that the threshold for a four-star investment rating when our fair value estimates are above the current share prices becomes smaller.

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Mitsubishi Estate Co Ltd

Japanese Real Estate Developers: We Revise Our Uncertainty Ratings to Medium From High

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