Reinitiating Coverage of Asian Capital Equipment Sector; Prefer Narrow-Moat Komatsu and Kubota
We are reinitiating coverage of the Asian capital equipment sector with fair value estimates of JPY 2,750 ($25) for narrow-moat Komatsu, JPY 1,750 for narrow-moat Kubota, HKD 3 (CNY 2.62) for no-moat Zoomlion, and CNY 6.40 for no-moat Sany. All four companies have a stable moat trend rating.We see modest upside in construction and mining equipment manufacturer Komatsu, underpinned by its growth potential following the acquisition of Joy Global in 2017 and steady demand growth from China, Asia (...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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