Report
Shanshan Wei, CFA
EUR 101.80 For Business Accounts Only

Kubota’s 4Q Operation Improved as Expected; 2018 Guidance Is Conservative

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...
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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We have operations in 27 countries.

Analysts
Shanshan Wei, CFA

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