Kubota is reaping the benefits of agricultural mechanization.
As expected, narrow-moat Kubota’s machine sales picked up steam in the fourth quarter, with overseas sales increasing 18% on a local-currency basis year over year. We make minor changes in our forecast and maintain our fair value estimate of JPY 2,100. The stock is slightly undervalued. We lower our uncertainty rating to medium from high, as we trimmed our midcycle operating margin forecast in the bull-case scenario by 0.7 percentage points to 14.7%. Despite some short-term market share volatili...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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