In today’s briefing:
- Revisiting Jafco (8595.T) – Company Reaches An Important Milestone
- Komatsu (6301) | 6% TSR and Clean Energy Winner
Revisiting Jafco (8595.T) – Company Reaches An Important Milestone
- The company’s management fees now cover the operating costs after many years of losses
- Recent fund raising has surpassed expectations for its latest VC fund
- The company’s steps towards better capital allocation are trending in the right direction
Komatsu (6301) | 6% TSR and Clean Energy Winner
- 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
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