Marubeni Corporation (8002): Writedowns Awaken

This report will show that Marubeni has failed to recognize material asset
impairments of large overseas commodity and agricultural investments. Once the
market recognizes these substantial losses there is material downside to the stock
price. We estimate asset impairments of ¥150-200 billion (US$1.2-$1.7 billion)
and a 40% downside price target for the stock price. Based on Toshiba Corp’s
precedent, we also believe there is potential for Marubeni to incur fines as
Japan’s regulators go after companies that purposely delay making impairments.

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Marubeni Corporation Research

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