Initiating Coverage of Kubota With JPY 1,700 FVE and Narrow Moat Rating

Normal Rainfall in Key States and Farm-Loan Waivers to Bolster Mahindra's Tractor Sales in FY18

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<p>* Commodity prices are in the tank, and producers are feeling the pinch. US grain producers, as a result, are struggling to repay their debt.</p><p>* John Deere Capital Corporation (JDCC) has been creative in this challenging environment  - pulling forward nearly 2.5 years of demand for farm machinery just as NIMs and credit quality have each seen a more permanent degradation. No doubt players such as: Mahindra &amp; Mahindra (MM.IN) and Kubota (6326.JP) too are experiencing the same and behaving similarly…</p>

* Commodity prices are in the tank, and producers are feeling the pinch. US grain producers, as a result, are struggling to repay their debt.* John Deere Capital Corporation (JDCC) has been creative in this challenging environment  - pulling forward nearly 2.5 years of demand for farm machinery just as NIMs and credit quality have each seen a more permanent degradation. No doubt players such as: Mahindra &amp; Mahindra (MM.IN) and Kubota (6326.JP) too are experiencing the same and behaving similarly…

Deere & Co

Deere & Company – In the Headlights