Kubota's 1Q Within Expectations, 2019 Guidance Intact; FVE Raised to JPY 1,700
After making minor adjustments to our model to factor in the robust growth seen in the first quarter, we have increased our fair value estimate for Kubota to JPY 1,700 per share from JPY 1,670. Our narrow moat and stable moat trend ratings are intact. We think the shares are slightly undervalued at the current price as we expect earnings growth to sustain in the near term on the back of growing demand.Kubota’s first-quarter EBIT was within our expectations and is on track to meet full-year guid...
Kubota and subsidiaries are engaged in the manufacture of a comprehensive range of machinery and other industrial and consumer products, including farm equipment, engines, construction machinery, pipe-related products, environment-related products, and industrial castings. Farm equipment, construction machinery, ductile iron pipe, and certain other products are sold both in Japan and in overseas markets which consist mainly of North America, Europe, and Asia. Co. also provides water and sewage treatment plants, submerged membrane systems and biogas production systems for water treatment, as well as pulverizing facilities for solid waste treatment.
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