In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
Mining as a powerful profit driver is at long last being recognized. However, analyst William Nestuk thinks the strength of global demand for Mining Equipment, Parts & Services as well as the resilience of US Housing Starts is not fully appreciated. Komatsu could surprise on the upside with its Q1 FY23 earnings.
At the beginning of every year we publish our PSA Perspective, a report intended as a long shelf-life look at the year ahead. This year Pelham Smithers discusses Japan's economy, the outlook for the stock market, and some stand-out themes and developments for the year. These include the digital yen and the demise of live action entertainment in Japan. We also update our noted PSA Focus List of stocks. Table of Contents Overview 3 Background: 4 Japan’s Economic Outlook 5 Ja...
The general evaluation of KOMATSU (JP), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 7, 2022, the closing pric...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Stick With Reflation & Reopening Theme Our bullish outlook remains intact and is supported by the absence of breakdowns across major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) and ongoing positive market dynamics. Until this changes, we believe global equities are headed higher in the coming weeks and months. · Market Dynamics Remain Positive. Our bullish outlook is supported by much more than simply a lack of support violations on major global indexes -- though this is a maj...
Summary Marketline's II-VI Incorporated Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by II-VI Incorporated since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic...
After rolling forward our model and lowered our sales forecast for its construction, mining and utility equipment division on the back of weakness mainly in China, Indonesia and Latin America, we cut our fair value estimate for Komatsu to JPY 2,680 per share ($24 per ADR) from JPY 2,840 per share ($26 per ADR). Our narrow moat and stable moat trend ratings on the firm remain intact. We think the shares are slightly overvalued at the current price as we expect the company to be affected by near-t...
After rolling forward our model and lowered our sales forecast for its construction, mining and utility equipment division on the back of weakness mainly in China, Indonesia and Latin America, we cut our fair value estimate for Komatsu to JPY 2,680 per share ($24 per ADR) from JPY 2,840 per share ($26 per ADR). Our narrow moat and stable moat trend ratings on the firm remain intact. We think the shares are slightly overvalued at the current price as we expect the company to be affected by near-t...
After rolling forward our model and lowered our sales forecast for its construction, mining and utility equipment division on the back of weakness mainly in China, Indonesia and Latin America, we cut our fair value estimate for Komatsu to JPY 2,680 per share ($24 per ADR) from JPY 2,840 per share ($26 per ADR). Our narrow moat and stable moat trend ratings on the firm remain intact. We think the shares are slightly overvalued at the current price as we expect the company to be affected by near-t...
Komatsu is the second-largest construction equipment manufacturer in the world by revenue. Its core construction, mining, and utility equipment business contributes around 90% of revenue. The remainder comes from its retail finance business and industrial machinery and others, which includes metal forging, stamping presses, machine tools, and defense-related equipment. The Americas and Asia are the main markets for Komatsu, accounting for more than 80% of revenue, followed by Europe and the Comm...
Komatsu’s third-quarter fiscal-year 2019 (ending March 2019) EBIT increased by 11% year over year to JPY 97 billion on the back of an 8% year-over-year increase in revenue to JPY 701 billion. Its first nine months fiscal-year 2019 results are on track to meet its full-year guidance as it represents around 77% of its full-year EBIT guidance of JPY 384 billion. The year-over-year improvement is mainly driven by (1) strong performance in its Construction, Mining, and Utility Equipment division, u...
Komatsu’s third-quarter fiscal-year 2019 (ending March 2019) EBIT increased by 11% year over year to JPY 97 billion on the back of an 8% year-over-year increase in revenue to JPY 701 billion. Its first nine months fiscal-year 2019 results are on track to meet its full-year guidance as it represents around 77% of its full-year EBIT guidance of JPY 384 billion. The year-over-year improvement is mainly driven by (1) strong performance in its Construction, Mining, and Utility Equipment division, u...
Komatsu’s third-quarter fiscal-year 2019 (ending March 2019) EBIT increased by 11% year over year to JPY 97 billion on the back of an 8% year-over-year increase in revenue to JPY 701 billion. Its first nine months fiscal-year 2019 results are on track to meet its full-year guidance as it represents around 77% of its full-year EBIT guidance of JPY 384 billion. The year-over-year improvement is mainly driven by (1) strong performance in its Construction, Mining, and Utility Equipment division, u...
Komatsu’s third-quarter fiscal-year 2019 (ending March 2019) EBIT increased by 11% year over year to JPY 97 billion on the back of an 8% year-over-year increase in revenue to JPY 701 billion. Its first nine months fiscal-year 2019 results are on track to meet its full-year guidance as it represents around 77% of its full-year EBIT guidance of JPY 384 billion. The year-over-year improvement is mainly driven by (1) strong performance in its Construction, Mining, and Utility Equipment division, u...
We are reinitiating coverage of the Asian capital equipment sector with fair value estimates of JPY 2,750 ($25) for narrow-moat Komatsu, JPY 1,750 for narrow-moat Kubota, HKD 3 (CNY 2.62) for no-moat Zoomlion, and CNY 6.40 for no-moat Sany. All four companies have a stable moat trend rating. We see modest upside in construction and mining equipment manufacturer Komatsu, underpinned by its growth potential following the acquisition of Joy Global in 2017 and steady demand growth from China, Asia ...
We are reinitiating coverage of the Asian capital equipment sector with fair value estimates of JPY 2,750 ($25) for narrow-moat Komatsu, JPY 1,750 for narrow-moat Kubota, HKD 3 (CNY 2.62) for no-moat Zoomlion, and CNY 6.40 for no-moat Sany. All four companies have a stable moat trend rating. We see modest upside in construction and mining equipment manufacturer Komatsu, underpinned by its growth potential following the acquisition of Joy Global in 2017 and steady demand growth from China, Asia (...
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