Hoden Seimitsui Kako Kenkyusho (“HSK”) (6469) – Why Mitsubishi Heavy Is Dropping
My 5/3/26 HSK note (attached), which highlighted the company as an alternative way to gain exposure to the same structural tailwinds benefiting MHI, turned out to be poorly timed. This was especially disappointing given my argument that MHI’s valuation metrics at the time—a P/B of 5.8x, FY3/27 P/E of roughly 53x, and EV/EBITDA of 17.6x—were …
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