Reinitiating Coverage of Kubota With JPY 1,750 FVE, Narrow Moat and Stable Trend Ratings
Kubota’s third-quarter 2018 earnings were in line with expectations, with EBIT decreased by 3.6% year over year to JPY 47.3 billion on the back of an 8.2% year over year increase on revenue to JPY 458.2 billion based on the restated accounts on the newly adopted IFRS standards. The lower third-quarter 2018 EBIT was mainly driven by lower EBIT in its Water and Environment division due to higher raw material costs and the decline in domestic sales of ductile iron pipes. Sales for its farm equipmen...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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