Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Komatsu (6301) | A Winning Bet on Onshoring and Electrification

Komatsu (6301) | Plenty of Gas in the Tank

Komatsu (6301) | The Back Test Worked. Now What?

Equity Bottom-Up

<ul>
<li>Komatsu's operating profits for FY3/24 of Y607 billion (+24% YoY) surpassed estimates on strong U.S. equipment sales</li>
<li>Komatsu guides for FY3/25 operating profits of ¥557 billion (-8.3% YoY), assuming ¥140/US$</li>
<li>We believe that the market remains too focused on the near-term growth slowdown, while we believe that Komatsu is attractively priced at under 10x EV/EBIT</li>
</ul>


Komatsu's operating profits for FY3/24 of Y607 billion (+24% YoY) surpassed estimates on strong U.S. equipment sales
Komatsu guides for FY3/25 operating profits of ¥557 billion (-8.3% YoY), assuming ¥140/US$
We believe that the market remains too focused on the near-term growth slowdown, while we believe that Komatsu is attractively priced at under 10x EV/EBIT


Komatsu (6301) | 6% TSR and Clean Energy Winner

Komatsu Ltd

Komatsu (6301) | 6% TSR and Clean Energy Winner