Kubota is reaping the benefits of agricultural mechanization.
We increase narrow-moat Kubota’s fair value estimate to JPY 2,100 from JPY 1,900 to reflect the reduction in U.S. corporate tax to 21% from 35% in effect in 2018. We estimate Kubota’s U.S.-based activities make up around 35-40% of its operating income, based on 30% contribution to sales and higher margins on its U.S. product mix which comprises largely of small tractors to the retail market. The tax reduction will result in a 5-percentage-point decline for Kubota’s effective tax rate, which tran...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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