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.
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Marubeni: Even Minerals Shouldn't Disappoint