MSBHF - Itochu Corp. - Buffett Pick Still On Sale After Record Earnings

• Itochu Corp. is still trading about where it was prior to Berkshire Hathaway's disclosure of its 5% stake in five Japanese trading companies.
• Itochu is the largest and one of the most diversified of these five conglomerates.
• The record quarterly profit represents an impressive bounce back from the two prior COVID-impacted quarters and some businesses should see further improvement post-pandemic.
• While Itochu trades above book value (unlike its peers), this is warranted by the faster growth, higher ROE subsidiaries within the company.

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