Komatsu Reports Strong Recovery in Construction and Mining Business; Raising FVE to JPY 3,100
Although we previously noted our belief that no-moat Komatsu’s guidance for fiscal 2017 (financial year ending March 2018) was conservative, its first-quarter operating income still exceeded our estimate by more than 40%, thanks to the stronger demand from mining and construction activities in Asia, along with an improved geographic mix. Although the 83% year-over-year increase in operating income was from a low base, considering the duration of construction and mining projects, as well as the p...
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