Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on earth capable of building a full-scale LNG liquefaction plant, alongside Bechtel, Technip Energies, and Japanese peer JGC Holdings.</li><li>Two of its own joint-venture partners on its largest US LNG projects, McDermott International and Zachry Holdings, went bankrupt attempting the same work, thinning an already tiny global competitive set just as a fresh ~$90B wave of global LNG projects arrives.</li><li>Chiyoda itself nearly went the same way twice, with a ¥214.9B net loss in FY2019 and a second solvency scare in FY2024, both triggered by cost blowouts on the same Golden Pass LNG project in Texas, and was kept alive only because controlling shareholder Mitsubishi Corp injected preferred-stock capital both times.</li></ul>

Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on earth capable of building a full-scale LNG liquefaction plant, alongside Bechtel, Technip Energies, and Japanese peer JGC Holdings.Two of its own joint-venture partners on its largest US LNG projects, McDermott International and Zachry Holdings, went bankrupt attempting the same work, thinning an already tiny global competitive set just as a fresh ~$90B wave of global LNG projects arrives.Chiyoda itself nearly went the same way twice, with a ¥214.9B net loss in FY2019 and a second solvency scare in FY2024, both triggered by cost blowouts on the same Golden Pass LNG project in Texas, and was kept alive only because controlling shareholder Mitsubishi Corp injected preferred-stock capital both times.

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Mapletree, a real estate firm, has sold Scottish student housing to a Dutch fund manager, expanding its international portfolio.</li><li>Shanghai office rents have decreased for the 12th consecutive quarter, reflecting a downward trend in the local real estate market.</li><li>Central Tokyo office rents have increased due to rising construction costs, impacting rates for new supply and attracting investor interest.</li></ul>

Mapletree, a real estate firm, has sold Scottish student housing to a Dutch fund manager, expanding its international portfolio.Shanghai office rents have decreased for the 12th consecutive quarter, reflecting a downward trend in the local real estate market.Central Tokyo office rents have increased due to rising construction costs, impacting rates for new supply and attracting investor interest.

Asia Real Estate Tracker (21-Apr-2025): Mapletree sells Scotland student housing.

Japan

CHIYODA CORPORATION constructs, inspects, and maintains industrial plants around the world.  Those plants include oil refinery, petrochemical, food, and pharmaceutical plants.  The Company also provides comprehensive engineering services for such as energy saving, factory automation (FA), and environmental preservation for water treatment and soil purification.

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Chiyoda Corp (6366 JP)

Monday Delight: 03/08/2026

Chiyoda Corporation is a Yokohama-based engineering, procurement, and construction (EPC) contractor and one of only a handful of companies on...

Contrarian Cashflows

Asia Real Estate Tracker (21-Apr-2025): Mapletree sells Scotland student housing.

Mapletree sells Scottish student housing, Shanghai office rents decline, and Central Tokyo office rents rise due to construction costs.

Asia Real Estate Tracker

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