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MARUF - Marubeni: Even Minerals Shouldn't Disappoint
Marubeni Corp.
2024-04-12 07:19:36 ET
Summary
Marubeni's management acknowledges commodity pressure from shortfalls in Chinese demand, but new investments and exposure to copper in minerals have helped to offset these pressures.
Gas is putting pressure on the energy business, but oil is up sequentially. Power infrastructure and other financial businesses are doing well.
In all, metallurgical products is the only concern, but management seems to be owning up to that in the Q&As. Moreover, on valuation, the non-mineral businesses look cheap.