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Komatsu's Relative Performance Gap May Not Be Unfair
- Komatsu shares have significantly lagged Caterpillar, due in part to the company's lower exposure to the recovering U.S. construction market and lower overall diversification.
- Chinese construction demand is still stunted by inadequate access to capital, and though mining may be bottoming, it has a long climb back to normal.
- Even with a slight discount to recent valuation norms, Komatsu looks a little undervalued today and is very leveraged to better construction demand in Asia.
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Jul. 24, 2013, 10:17 PMJapanese stocks trend lower as the Nikkei falls 0.42% in Tokyo. Shares of Canon (CAJ) slide as the company cuts its full year outlook, tripping up Nikon in the process, while Caterpillar's Q2 report weighs on shares of Komatsu (KMTUY.PK). Elsewhere, stocks slip 0.36% in Australia as the ASX tries to hold 5,000, while Chinese and South Korean equities shed 0.3% and 0.15% respectively. In Hong Kong, the Hang Seng falls 0.5%. | Comment!
Feb. 27, 2013, 8:40 PMJapanese stocks move higher in early trading, boosted by a Wall Street rally overnight. The Nikkei Average rose 1.5% to 11,419, with exporters and financials among the leaders: Toshiba (TOSYY.PK +2.7%), Canon (CAJ +2.2%), Advantest (ATE +3.1%), Toyota (TM +1.6%), Komatsu (KMTUY.PK +4.3%, and Fuji Heavy Industries (FUJHY.PK +2.8%). | Comment!
Dec. 18, 2012, 7:39 PMA weak yen and solid gains in U.S. stocks overnight push Japanese stocks higher today, with the Nikkei Average rising +1.4% to 10,057 and breaking the 10,000 level for the first time since April. Exporters are up strong: Sharp (SHCAY.PK +5.5%), Canon (CAJ +4.3%), Komatsu (KMTUY.PK +2.9%), Honda (HMC +2.9%), and Nissan (NSANY.OB +2.5%). | Comment!
Sep. 20, 2012, 7:20 AMThe Nikkei - down 1.6% - sheds all and more of its post-BOJ QE pop as Japan's export trade continues to deteriorate. Trade was already in rough shape as the global economy slowed, now the island dispute with China threatens to hurt business even more. Among the big decliners was Komatsu - which gets 15% of sales in China - falling 3.1%. | Comment!
Jul. 10, 2012, 4:18 AM
Jun. 5, 2012, 10:57 AMJoy Global's (JOY +1.3%) low takeover valuation may attract potential acquirers, as a buyer could offer a premium of 80% and still acquire it at the least expensive net income multiple on record for the industry, Bloomberg reports. JOY trades at ~8.2x 12-month trailing earnings, lower than 90% of similar construction and mining equipment makers. One possible suitor: Komatsu (KMTUY.PK). | 1 Comment
Dec. 19, 2011, 12:53 PMThe evidence is clear that China's spectacular real estate bubble has burst, with the only question being whether the bust will be of equal brilliance, writes Pat Chovanec. Thus far, the lack of leverage used by buyers (as opposed to highly leveraged developers) has kept the collapse in check. Its course promises to effect everything from miners in Australia and Brazil to lumber mills in Canada to equipment makers like CAT. | 3 Comments
Sep. 20, 2011, 3:41 PM"This is happening now," says Jim Chanos of the property collapse in China. He relates a story from the chairman of Komatsu (KMTUY.PK), who says he is having trouble getting paid for machinery sales there. With the focus on Europe, the story people are missing is the reversal in the world growth machine. | 5 Comments
Jul. 20, 2011, 10:57 AMCaterpillar (CAT) has made sales of construction machinery in China a top priority, but it is losing market share to Asian rivals such as Komatsu (KMTUY.PK) and Sany in one of the most important product categories, hydraulic excavators. The market is so huge that, over the long term, Caterpillar believes it will stop being the global industry leader if it doesn't lead in China. | Comment!
KMTUY vs. ETF Alternatives
Komatsu and its subsidiaries are engaged in the manufacture and market of various types of construction and mining equipment including excavating equipment, loading equipment, grading and roadbed preparation equipment, hauling equipment, tunneling machines, recycling equipment, other equipment,... More
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