Mitsui E&S (7003.T) reported a 4Q earnings miss and provided FY3/27 guidance that Goldman Sachs considers overly conservative. Goldman maintains a Buy rating with a revised ¥7,000 target price, citing intact long-term growth stories for marine engines and port cranes.
Key Takeaways
- 1.4Q operating profits (¥6.5 bn) missed Goldman Sachs estimates (¥8.3 bn) due to transitory factors in marine propulsion and peripheral segments.
- 2.The FY3/27 operating profit guidance of ¥32 bn is viewed as 'overly conservative' given the favorable order environment.
- 3.The core profit growth thesis for marine engines (dual-fuel compatibility) and logistics (US port cranes) remains intact.
Table of Contents
- FY3/26 earnings, FY3/27 guidance
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (¥ bn)
- Balance Sheet (¥ bn)
- Cash Flow (¥ bn)
- Marine propulsion systems segment
- Logistics systems segment
- Changes to our estimates, 12-month target price
- Exhibit 1: Earnings summary
- Price Target Risks and Methodology - Mitsui E&S Co.
- Investment Thesis: Mitsui E&S
- Disclosure Appendix
Document Preview
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Norihiro MiyazakiRyohei Kurita
Securities
Mitsui E&S Co.
Themes
Decarbonization in ShippingEconomic Security / GeopoliticsCorporate Guidance Conservatism
Regions
Asia PacificJapan