Komatsu's Better-Than-Expected 4Q Lifts FVE to JPY 2,500
No-moat Komatsu’s fourth-quarter earnings beat our and market consensus expectations with revenue and operating income surging 19% and 25%, respectively. However, we only raise our fair value estimate slightly to JPY 2,500 from JPY 2,400, as we have already factored in 20%-plus top-line growth for fiscal 2017 (ending March 2018), driven by the consolidation of Joy Global (renamed Komatsu Mining) as well as a recovery in global construction and mining activity. We think the positive catalysts are...
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