Cyclical Recovery Lifts Komatsu's 2Q Earnings; Raising FVE to JPY 3,500
No-moat Komatsu’s robust second-quarter results, with sales and operating income beating our forecast by more than 9% and 25%, respectively, don’t change our long-term view on the name. Although the cyclical sales rebound in both construction and mining was faster than our expectation, our longer-term growth rate assumptions remain intact as our team view expects commodity prices to soften from fiscal 2018. Although Komatsu has only a 6% sales contribution from China, its overall earnings are st...
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