MARUF - Itochu: Delivering Plan But Getting Expensive (Rating Downgrade)
2024-02-07 17:41:39 ET
Summary
- Itochu Corporation stock has performed well in the past six months, despite no significant changes in company fundamentals.
- The valuation premium over the other Japanese trading companies has widened as the profit forecast remains flat.
- Itochu's chance of hitting its FY 2024 profit plan looks good, but there is minimal upside potential for profits and dividends.
Big Stock Move, Little Change In Fundamentals
In the six months since I last covered ITOCHU Corporation ( ITOCY , ITOCF ), the stock has been the highest performing of the five major Japanese trading companies. This included a 10% jump in three days on January 10-12 on no significant news....
Itochu: Delivering Plan But Getting Expensive (Rating Downgrade)