MARUBENI CORP (8002): The Writedowns Awaken

This report from 2015 argues that Marubeni has failed to recognize material asset impairments of large overseas commodity and agricultural investments. It estimates asset impairments of ¥150-200 billion and a 40% downside price target of ¥390. The report also suggests that Marubeni may have deliberately delayed these impairments, which could lead to regulatory fines.