Komatsu (KMTUY) shares are up only a little from my last update, lagging many of its peers in construction and mining amid a more challenging outlook for both of those markets. The shares still look undervalued, but construction machinery demand growth isn't looking particularly strong in 2020 and the mining outlook has weakened significantly in recent months. Longer term, I also have concerns about Komatsu's ability to maintain share in the Chinese construction market and the larger mining equipment market. That makes this a tougher call, but the valuation is not demanding,