TRADE IDEA: Mitsui E&S (7003 JP) Stub - Every Dog Has Its Day

Japan: Autumn Results & Revision Scores - Peer Groups - 'Four Quadrant' Analysis

Japan: Autumn Large Cap Results & Revision Scores Review + '4QUADrant Analysis'

Mitsui Engineering Targets Natural Gas Hydrate as Japanese Shipbuilders Restructure

MODEC Visit Confirms Improvement in Order Outlook

Mitsui Engineering Discount to NAV Hits 44% Again. Is a Repeat of Feb 2016's 40% Rally on the Cards?

MODEC Vs. SBM Offshore - Discount Unwarranted

Equity Analyst

Gervin Gayan

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p><strong>Few Positives on MES </strong></p>
<ul>
<li>Restructuring in Shipbuilding segment improving the cost structure to the point where breakeven is becoming visible</li>
<li>The potential for a recovery in shipbuilding demand in the medium term driven by tightening environmental regulations</li>
<li>A return to breakeven in the engineering segment</li>
<li>New orders for MODEC from a recovery in oil and gas investments</li>
</ul>

Few Positives on MES 

Restructuring in Shipbuilding segment improving the cost structure to the point where breakeven is becoming visible
The potential for a recovery in shipbuilding demand in the medium term driven by tightening environmental regulations
A return to breakeven in the engineering segment
New orders for MODEC from a recovery in oil and gas investments


Divestments in Ship Building, Improvement in Engineering and Outperforming MODEC to Drive Upside

Mitsui E&S Holdings

Divestments in Ship Building, Improvement in Engineering and Outperforming MODEC to Drive Upside