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Mitsui & Co.: FY 2023 Looks Decent Despite Iron Ore Price Drop

May 03, 2022 4:43 AM ETMitsui & Co., Ltd. (MITSF), MITSY2 Comments
Gary Gambino profile picture
Gary Gambino


  • Iron ore prices have stabilized but will not be as strong as in FY 2022.  Mitsui's other major commodities like oil, gas, and coal are stronger.
  • The company's FY 2023 profit forecast of ¥800 billion is below 2022 actuals, but the stock is still cheap at 6.4 times forward earnings.
  • The semiannual dividend of ¥60 per share is well-covered and results in a yield of 3.75%.
  • The stock remains a good inflation hedge, but US investors should consider the effects of a weaker yen.

Mitsui Warehouse, built by Mitsui & Co., Ltd in Taipei, Taiwan.

BING-JHEN HONG/iStock Editorial via Getty Images

2022 Will Be Hard To Top But Upside Exists

Mitsui & Co. (OTCPK:MITSY) (OTCPK:MITSF) is a massive conglomerate with 279 subsidiaries and 230 equity-accounted investments across its 7 business segments. Still, the commodity-heavy

Mitsui 2023 profit forecast

Mitsui 4Q 2022 Earnings Slides

iron ore price chart

Trading Economics

Mitsui commodity production

Mitsui 4Q 2022 Earnings Slides

Japanese trading company price/book

Seeking Alpha

Japanese Trading Company ROE

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Mitsui Balance Sheet Summary

Mitsui 4Q 2022 Earnings Slides

Mitsui Cash Flow summary

Mitsui 4Q 2022 Earnings Slides

JPY/USD chart


This article was written by

Gary Gambino profile picture
I am a Chemical Engineer by training and have an MBA with concentrations in Finance and Operations Management. I retired early after 22 years in the energy industry with roles in engineering, planning, and financial analysis. I have managed my own portfolio since 1998 and have met my goal to match the S+P 500 return over the long term with lower volatility and higher income yield. I plan to focus my writing on positions I already hold or am considering changing, however my bias is toward long-term holding unless there is a very compelling reason to sell.

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MITSY, BRK.B, PAG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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