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After bumper year, Mitsubishi Heavy faces split view on share outlook

Japanese company's stock surged in 2022 on geopolitical worries, nuclear restarts

Mitsubishi Heavy Industries CEO Seiji Izumisawa says building global partnerships is key. (Nikkei montage/Reuters/Mitsuru Obe)

TOKYO -- Seiji Izumisawa, the CEO of Japanese conglomerate Mitsubishi Heavy Industries, was on the defensive at a media roundtable in late 2021. The market capitalization of the company, which makes everything from forklift trucks to fighter jets and nuclear reactors, had stagnated at historic lows after a wave of unprofitable projects sapped investor appetite for its shares.

Fast forward 12 months and the mood was very different at a similar year-end event. Stock in the company had doubled in price, making it one of the best-performing large-cap names in Japan and one of the most talked-about industrial investments in the country.

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