Kubota's 2Q Earnings on Track to Meet Our Full-Year Forecast; FVE Unchanged
While narrow-moat Kubota’s first-half operating income declined 4.7%, the second quarter showed signs of recovery, with sales and operating income increasing 13% and 27%, respectively. The negative impact from the heavy spending on dealer incentives is gradually fading, and margins improved sequentially. We maintain our fair value estimate at JPY 1,700 and reiterate our base case of a recovering agricultural market and healthy housing demand in the United States. The jump in construction machine...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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