Cyclical recovery in construction and mining spending benefits Komatsu.
Excluding the one-off expense of transferring its villa management business, no-moat Komatsu’s third-quarter results for sales and recurring operating income beat our forecast by 6% and 20%, respectively, thanks to the recovery of the construction and mining activities in the Americas. We raise our fair value estimate to JPY 3,700 from JPY 3,500 as we revise up our earnings assumption over the next two years on the back of strong mining demand. We retain our 10-year average operating margin fore...
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