In the area of the mobility, the second half, well, there’s a similar tendency in infrastructure as well. But the second half, when you look at the world economy and U.S. economy, there’s a tendency that the trend will come down in the second half, that is in our assumption. So to a certain extent, when it sustains there could be some upside. So including all that, and in relation to your second question, more recently the Chinese economy has been slowing down. So in consideration for that, our forecast in the second half or the second half updated forecast. And if you include the one-time factors, you will be able to see the foundational capability that we have. And that is what you were asking in your question. I think I have answered to your first question.
So in that sense, in the second half, JPY480 billion is expected, and that’s your true capability. Well, you have to exclude the one-time factors. And then the first half and second half, there are some differences, and you have to average that based on the fiscal year, and you get to the closer number. I want to answer to your question more, specifically as possible. So as I mentioned at the outset, the revenue model that we have, there are different patterns and I would like you to get them comprehensively, and that is also very important. Point of clarification for this year, the asset recycling and the MTMP, you also mentioned that, and we see that in the first half. And is this something that is not going to continue? It is higher this year, right?
Yes, slightly higher. There is an impression, but we are replacing the portfolio steadily so that the business foundation based on our future plan is strengthened. So in the process of that, the portfolio replacement, rather than looking – sorry, more than the past, it’s increasing. So we have to be disciplined at the same time. And by having the longer term, there are some projects that we need to have a longer timeframe. So there are some differences depending on the projects. And to your second question, the chemicals and the iron and steel products. In chemicals, the logistics and the distribution, in China, we are down in the second quarter. And I think we are starting to see the bottom emerging. So in the second half, we expect the recovery in iron and steel products.
The export from Chinese mill is increasing, so the China hitting the bottom economy, and also the Chinese government stimulating the economy. If you look at all of those factors, the economy in China will bottom out. So we would like to look at that and continue to discuss. As for the full-year forecast of iron and steel products, that is due to the gas dump impairment loss. And that is how I would like you to understand. And at the same time, in chemicals, there are several loss making projects, and we exited from some of them, they’re minor, but there have been multiple. So as you can see in Q2, we’d like to make sure that we continue to do so to increase the flow earnings. So that is also a factor. So if you look at all of them, the full-year forecast, I think that would be the basics.
But as you said, that chemicals and iron and steel products closer to the materials, especially the situation of the different regions in the world. So I think this could be a leading indicator. So we are very closely watching what would happen to those segments in Q3 and Q4. We will be sharing with you our observations on those. I hope that answers your question. Thank you.
Unidentified Company Representative: I would like to ask two questions. My first question about the cash flow allocation. As a result, you have announced our shareholder returns. And for this fiscal year, the total return is about 39%. So because of big divestments, you are able to increase that rate. But looking at the base profit power and the cash flow, I think it is exceeding the plan. In other words, the cash flow that can be used is increasing. Are you going to increase the budget for investment? Or are you going to increase shareholder returns? Maybe you will be able to increase shareholder returns in order to keep ROE at a high level that maybe needed. So maybe you are making considerations in that direction. Can you tell us your feeling first? And my second question about LNG, their important projects three of them. One is Sakhalin II, and one is Arctic LNG and the other is Mozambique, please. Thank you.
