HCM: Setsumeikai Positive and Earnings Should Grow on Constant Currency Basis
We consider the tone of HCM's setsumeikai to have been largely positive. While guidance looked very weak, on a constant currency basis the company...
539 Views
HCM: 4Q Unlikely to Surprise but We Do Not Expect an Earnings Decline Next Year
Hitachi Construction Machinery (6305 JP) is down 41% since its early Feb 2018 peak. This is despite consensus OP estimates having risen 28% since...
475 Views
Komatsu, HCM and CAT Tactical Recovery Targets and Macro Pivot Support
We thought a technical view on these counters would help clarify where tactical rally targets come into play as well as more important macro...
629 Views
Komatsu, HCM, CAT: The Stock Punishment Does Not Match the Outlook Deterioration Crime
We have been struck by the degree of underperformance of the construction machinery names despite strong earnings performance. While the cyclical...
821 Views
Komatsu: Profitability Improvement at KCM Spurs Blowout Numbers, Continue to Favour Komatsu Over HCM
Komatsu reported extremely strong 2Q numbers - revenue of ¥672bn (4.7% above consensus) and OP of ¥104bn (17.7% above consensus) thanks in large...
428 Views