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SCSKF - Sumitomo Corp: Time To Sell When Valuations Appear Cheap
SCSK Corporation
Sumitomo's share price has risen on the back of its exposure to natural resources, chiefly nickel and coal.
We have calculated that with all things being equal, the company's net income could rise 20% YoY in FY3/2023 resulting in a potential dividend yield of 6.5%.
We believe this is not a sustainable driver of the company's earnings and should be seen as an opportunity to sell the shares.