Reinitiating Coverage of Asian Capital Equipment Sector; Prefer Narrow-Moat Komatsu and Kubota
We are reinitiating coverage of the Asian capital equipment sector with fair value estimates of JPY 2,750 ($25) for narrow-moat Komatsu, JPY 1,750 for narrow-moat Kubota, HKD 3 (CNY 2.62) for no-moat Zoomlion, and CNY 6.40 for no-moat Sany. All four companies have a stable moat trend rating.We see modest upside in construction and mining equipment manufacturer Komatsu, underpinned by its growth potential following the acquisition of Joy Global in 2017 and steady demand growth from China, Asia (...
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