Tear Sheet: Mitsubishi Corp.

Mitsubishi Corp., June 24, 2024 Mitsubishi Corp. is Japan's largest general trading and investment company (GTIC), with more than ¥20 trillion of total assets. It plans, develops, manufactures, sells, and trades a wide range of products. It operates in the fields of energy, metals, machinery, chemicals, and living essentials. It also engages in resource development, infrastructure-related projects, and financing. The company operates these businesses globally through direct affiliates under the following business group structure: Environmental energy; Material solution; Mineral resources; Urban development and infrastructure; Mobility; Food industry; Smart-life creation; and, Power solution. The stable outlook reflects our view that Mitsubishi Corp.'s adjusted capital will remain stable in the coming year or two, exceeding the level of risk-based capital required under

...Mitsubishi Corp.'s net profit will remain steady at a near-record Ñ800 billion-Ñ900 billion in the next year or two, in our view. The company recorded net profit of Ñ618 billion in the first half of fiscal 2024 (ending March 31, 2025), partially driven by one-time profit gains from asset reshuffling. We expect that its extremely well-diversified and solid business portfolios will underpin overall profits. The portfolio includes large resource businesses such as natural gas, copper, and metallurgical coal. We expect production volume of its metallurgical coal business to recover gradually over the next one to two years. Efforts to pursue growth and improve capital efficiency will likely strengthen its earnings base, in our view. The company is focused on selling off or improving unprofitable, low-growth assets. It has invested in growth areas such as renewable energy and copper mine development. It has sold a real estate management company and some coal businesses. We also think that capital...

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