Marubeni (8002): The Phantom Earnings

Marubeni wants to have its cake and eat it. The company booked a ¥30 bn gain in Q3 2016 results for a transaction that was anticipated but did NOT take place. Expect auditors to restate co.’s Q3 earnings and reduce FY16 profit to ¥30 bn. That’s a 50% cut, and more writedowns on the way.

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