SMBC Nikko's Mr Morimoto kept the Mitsubishi stock at a"neutral" rating and its target price at 2,900 yen. His estimate for Mitsubishi's full-year profit of 582 billion yen excludes the oil trading losses. The Japanese trading company has seven"buy" ratings, five"hold"s and no"sell" recommendations, with an average target price of 3,231 yen, according to Bloomberg data.
SMBC Nikko said the inadequate supervision of the repeated derivatives trades raises questions about Mitsubishi's risk management process. "We cannot avoid getting a negative impression as to why this was not detected earlier and it raises questions about the firm's risk management framework and governance," Mr Morimoto wrote in the note.
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