Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>1H FY26 results resilient: LNG and FX offset metals softness; FY26 NI raised 6% to ¥820 bn, ROE ~13%.</li>
<li>Valuation gap to Itochu closed; Mitsui now trades ~1.4× P/B with superior copper and LNG leverage.</li>
<li>Sustained buybacks (~5% p.a.) and ≥10% Berkshire anchor ensure 6–9% TSR CAGR, with 10%+ if copper &gt;US$10k/t.</li>
</ul>


1H FY26 results resilient: LNG and FX offset metals softness; FY26 NI raised 6% to ¥820 bn, ROE ~13%.
Valuation gap to Itochu closed; Mitsui now trades ~1.4× P/B with superior copper and LNG leverage.
Sustained buybacks (~5% p.a.) and ≥10% Berkshire anchor ensure 6–9% TSR CAGR, with 10%+ if copper &gt;US$10k/t.


Mitsui & Co. (8031 JP): Bullish View Reinforced — Copper & LNG Re-Rate Now Structural

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

Thematic (Sector/Industry)

<ul><li>Link REIT is continuing its divestment strategy after experiencing a 3.7% drop in property income.</li><li>TE Capital and Dash Living have successfully completed their second joint venture in Tokyo, acquiring 102 residential units.</li><li>Union Investment is negotiating the sale of a Brisbane office block worth around $181 million, while Mori Building has bought a stake in a Manhattan project.</li></ul>

Link REIT is continuing its divestment strategy after experiencing a 3.7% drop in property income.TE Capital and Dash Living have successfully completed their second joint venture in Tokyo, acquiring 102 residential units.Union Investment is negotiating the sale of a Brisbane office block worth around $181 million, while Mori Building has bought a stake in a Manhattan project.

Asia Real Estate Tracker (29-May-2026): Link REIT to keep selling off assets amid income drop.

<ul><li>Goodman is advancing a data center campus project in Greater Tokyo, enhancing real estate growth.</li><li>A prime super-site in Auckland's central business district is available for acquisition, attracting interest.</li><li>In Hong Kong, home prices have reached a 30-month peak due to rising demand from mainland buyers.</li></ul>

Goodman is advancing a data center campus project in Greater Tokyo, enhancing real estate growth.A prime super-site in Auckland's central business district is available for acquisition, attracting interest.In Hong Kong, home prices have reached a 30-month peak due to rising demand from mainland buyers.

Asia Real Estate Tracker (28-May-2026): Goodman to develop data centre campus in Greater Tokyo.

<ul><li>Elliott Management is pushing Mitsui OSK Lines to unlock its full potential value in the market.</li><li>SC Capital's founder has gained attention after successfully acquiring the Fusion Hotel Group.</li><li>Dash Living is expanding its presence in the Asia-Pacific real estate market with a $400 million deal.</li></ul>

Elliott Management is pushing Mitsui OSK Lines to unlock its full potential value in the market.SC Capital's founder has gained attention after successfully acquiring the Fusion Hotel Group.Dash Living is expanding its presence in the Asia-Pacific real estate market with a $400 million deal.

Asia Real Estate Tracker (20-Mar-2026): Elliott urges Mitsui OSK Lines to unlock value.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Suzhou Dongshan Precision A / Technical Analysis

<ul>
<li>We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...</li>
<li>...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."</li>
<li>That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term</li>
</ul>


We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...
...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."
That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term


Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Japan

MITSUI & CO., LTD. is a general trading company.  The Company has operating groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals, Foods, Energy, Textiles, and General Merchandise.  Mitsui also operates real estate and overseas development projects.

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Mitsui & Co Ltd (8031 JP)

Mitsui & Co. (8031 JP): Bullish View Reinforced — Copper & LNG Re-Rate Now Structural

Mitsui's 1H FY26 results show resilience with raised FY26 net income, closing valuation gap to Itochu and offering strong potential for TSR CAGR.

Rahul Jain

Asia Real Estate Tracker (29-May-2026): Link REIT to keep selling off assets amid income drop.

Link REIT continues divestments amid declining income, while TE Capital and Dash Living buy a Tokyo property, and other notable real estate...

Asia Real Estate Tracker

Asia Real Estate Tracker (28-May-2026): Goodman to develop data centre campus in Greater Tokyo.

Goodman is developing a data center in Greater Tokyo, while Auckland offers a prime site, Tokyu Land buys a hotel in Okinawa, and Hong Kong sees...

Asia Real Estate Tracker

Asia Real Estate Tracker (20-Mar-2026): Elliott urges Mitsui OSK Lines to unlock value.

Elliott Management urges Mitsui OSK Lines to maximize value, while SC Capital's founder acquires Fusion Hotel Group, and Dash Living expands in...

Asia Real Estate Tracker

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mitsui & Co. (8031 JP): Bullish View Reinforced — Copper & LNG Re-Rate Now Structural

​Mitsui's 1H FY26 results show resilience with raised FY26 net income, closing valuation gap to Itochu and offering strong potential for TSR CAGR.

Rahul Jain

Asia Real Estate Tracker (29-May-2026): Link REIT to keep selling off assets amid income drop.

Link REIT continues divestments amid declining income, while TE Capital and Dash Living buy a Tokyo property, and other notable real estate...

Asia Real Estate Tracker

Asia Real Estate Tracker (28-May-2026): Goodman to develop data centre campus in Greater Tokyo.

Goodman is developing a data center in Greater Tokyo, while Auckland offers a prime site, Tokyu Land buys a hotel in Okinawa, and Hong Kong sees...

Asia Real Estate Tracker

Asia Real Estate Tracker (20-Mar-2026): Elliott urges Mitsui OSK Lines to unlock value.

Elliott Management urges Mitsui OSK Lines to maximize value, while SC Capital's founder acquires Fusion Hotel Group, and Dash Living expands in...

Asia Real Estate Tracker

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

Mitsui's 1H FY26 results show resilience with raised FY26 net income, closing valuation gap to Itochu and offering strong potential for TSR CAGR.