DJ Mitsubishi Estate Looks Undervalued to Jefferies -- Market Talk
0300 GMT - Mitsubishi Estate seems undervalued to Jefferies, as the stock's price-to-book ratio is at a historic low of 1.05x and the company's fundamentals are generally healthy. These conditions could attract larger investors and Mitsubishi Estate might eventually initiate share buybacks based on its long-term business plan, Jefferies says. It expects the company to report strong 1H earnings as the retail sector starts recovering. "We maintain an overall favorable impression of Mitsubishi Estate's core portfolio strength and its long-term ability to grow earnings," Jefferies says. It keeps a Y1,850 price target and buy rating on shares, which are down 2.6% at Y1,545. (justina.lee@wsj.com)
(END) Dow Jones Newswires
October 27, 2020 23:01 ET (03:01 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
