MIELY - Mitsubishi Electric: Multiple Positives (Rating Upgrade)
2024-01-25 03:22:24 ET
Summary
- As of December 31, 2023, Mitsubishi Electric has completed 74% of its current share buyback plan, which expires at the end of March this year.
- There are signs suggesting that a turnaround is in sight for Mitsubishi Electric's factory automation systems business.
- Mitsubishi Electric's recent corporate developments send a clear signal that the company has plans to capitalize on growth opportunities brought about by emerging trends.
- I raise my rating for Mitsubishi Electric to a Buy, considering multiple positives for the stock.
Elevator Pitch
I have a Buy investment rating for Mitsubishi Electric Corporation ( OTCPK:MIELF )( OTCPK:MIELY ) [6503:JP]. My earlier September 18, 2023 initiation article was focused on the company's Q1 FY 2024 (YE March 31) EBITDA miss and its mid-term ROE target....
Mitsubishi Electric: Multiple Positives (Rating Upgrade)