Japan's third-largest trading company, Itochu (OTCPK:ITOCY), has not done that well since I last wrote about the company. A 1% gain in the Tokyo-listed shares and a 4% gain in the ADRs is better than the performance of the Nikkei 225 (down about 6%), but not at all impressive relative to the other trading companies (Mitsui (OTCPK:MITSY) has done much better, Sumitomo (OTCPK:SSUMY) and Mitsubishi (OTCPK:MSBHY) a little better, and Marubeni (OTCPK:MARUY) worse). Some of this could be driven by a slower move toward share repurchases or steeper-than-average expected decline in FY 2015 ROE, with Itochu's rivals closing a bit of the gap in terms of returns on equity...
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