Komatsu’s 1H 2017 Result Slightly Missed; Core Construction Equipment Shows Early Signs of Recovery
No-moat Komatsu’s first-half result was shy of our expectations, with cumulative net income making up 39% of our full-year estimate, mainly owing to one-off inventory charges of JPY 5 billion and conversion loss of JPY 11 billion from the stronger Japanese yen. Net income fell 42.4% year on year to JPY 37.5 billion, while revenue declined 11% year on year to JPY 796 billion.  Persistent demand weakness from emerging markets was mainly in line with our assumptions. Still, we maintain our current ...
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