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) | Post 2Q Earnings – BACKTEST STILL Says over 45% Upside

Good Morning Japan |US Off = Directionless; BOJ in Focus +2trn JGB Buying; Kuroda off to Davos

Good Morning Japan | The Doves Strike Back; Google Joins Layoff Parade; "Too Early for BOJ Exit"

Equity Bottom-Up

<ul>
<li>At 1.1x PB, Komatsu’s stock price has already discounted a severe recession </li>
<li>Our back test suggests a 56% return over 12-months from this level (100% hit rate) </li>
<li>We see little risk of balance sheet impairment and believe the stock is trading at attractive valuations for long-term investors  </li>
</ul>


At 1.1x PB, Komatsu’s stock price has already discounted a severe recession 
Our back test suggests a 56% return over 12-months from this level (100% hit rate) 
We see little risk of balance sheet impairment and believe the stock is trading at attractive valuations for long-term investors  


Komatsu (6301) | Back Test Suggests 56% Upside from Here

Komatsu Ltd

Komatsu (6301) | Back Test Suggests 56% Upside from Here