4Q決算アナリスト向けQ&Aセッションにおける主なポイント

Research evidence excerpt

4Q決算アナリスト向けQ&Aセッションにおける主なポイント

to become more regular over time,

rather than purely one-off, as portfolio turnover accelerates. For FY3/27, approx. ¥280bn of

one-off gains are included, split broadly between recycling gains and other special factors.

Importantly, management suggested that such recycling-driven gains will increasingly form

part of the earnings structure, although the timing and magnitude will vary depending on

market conditions and deal execution.

Profitability targets supported by growth and portfolio discipline: Mitsubishi targets ROE of

~11.5% in FY3/27 and ≥12% during the medium term plan (FY3/28), emphasizing a balance

between growth and capital efficiency. Management noted that current valuation reflects

expectations for future growth rather than near-term earnings alone, with EPS expected to

reach the ¥300 level in FY3/27 as a key supporting factor. Across its 200+ group companies,

detailed reviews point to a mixed outlook, with both upward and downward revisions, but

overall trajectory remains consistent with achieving FY3/28 MTP targets. This reflects steady

progress in portfolio management and improved earnings visibility at the group level.

Flexible capital allocation and strategic optionality: Capital allocation remains flexible,

with the company balancing growth investments, portfolio transformation, and shareholder

returns within an overall framework. Management indicated that investment execution is not

constrained by rigid caps, given the difficulty in clearly separating “Enhance” and “Reshape”

categories, and instead prioritizes disciplined deployment based on return thresholds such

as ROIC. The company retains capacity to utilize leverage up to around 0.6x net DER if

needed.