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KMTUY - Komatsu Kicked Around As Management Looks For Weaker Machinery Demand
Komatsu Ltd ADR
Not unlike the situation at FLSmidth (FLIDY), investors seem to have fallen out of love with Komatsu (KMTUY), as they pull back from heavy machinery, and particularly those companies tied to the mining industry. It was getting harder and harder to justify Komatsu’s price on the basis of full-cycle cash flow, and with the company setting an operating income target for fiscal 2020 (ending March 2020) that was almost 20% below prior expectations, a lot of worries about mining and construction capex have come home to roost.