業種
Construction Machinery
Construction Machinery のすべてのレポート — 全 9 件。
44/100
76Buffett
Zhejiang Dingli: H1 Revenue Grew 24.9% and Its 20.6% EU Duty Beats Rivals at 35–49%, but Cash Conversion Fell to 0.32x and CNY 53.87 Sits 28% Above the CNY 42 Conservative Value Ahead of Final U.S. Duty Rulings
Zhejiang Dingli is an export-led aerial-work-platform manufacturer selling scissors, telescopic and articulating booms and vertical-mast machines mainly to rental fleets, with 82% of 2025 platform revenue earned overseas and gross margin held around one-third of sales. H1 2026 revenue rose 24.9% to CNY 5.414bn while Haulotte described the global market as its weakest since 2020, yet attributable profit fell 6.0%, operating cash flow covered only 0.32x of profit, and U.S. reviews preliminarily point to 35.79% antidumping and 36.49% countervailing rates against the current 18.27% and 33.10% deposits. Rating Watch: at CNY 53.87 the stock sits 28% above the CNY 42 conservative value and inside the CNY 50–68 acceptable-hold zone, with the ideal buy zone at CNY 30–34.
42/100
Komatsu Ltd.: A 51.8% Aftermarket Mix Meets ¥88.3bn of Tariffs, and ¥7,114 Already Prices the Mining Upcycle
Komatsu is a century-old construction and mining equipment maker whose earnings are anchored by an installed base: parts and service reached ¥1.965 trillion in the year ended March 2026, or 51.8% of construction, mining and utility external sales, and the 1,000th FrontRunner autonomous haul truck was commissioned in April 2026. That annuity did not stop the operating margin falling from 16.0% to 13.7% or net income dropping 14.4% to ¥376.4 billion, and management still guides the year ending March 2027 to operating income of ¥555 billion, down 2.2%, while tariff expense rises to roughly ¥88.3 billion. Rating Hold: at ¥7,114 the shares sit 36.1% above a year ago and inside the ¥5,950–¥8,050 acceptable-hold band, so the aftermarket quality is already paid for and a new purchase only becomes compelling around ¥4,000–¥4,450.
43/100
89Buffett
Epiroc AB: Q2 2026 Equipment Orders Grew 30% Organically While Large Orders Above MSEK 150 Jumped to MSEK 720 From MSEK 230, and Class A at SEK 263.30 Sits Inside the SEK 250-275 Base Range
Epiroc is the Swedish mining-equipment maker whose aftermarket of service, parts, tools and automation supplied 64% of Q2 2026 revenue and cushions a still-cyclical equipment franchise. Q2 orders rose 13% organically to MSEK 17,305 with equipment up 30% and adjusted operating margin back to 20.1%, though large orders above MSEK 150 jumped to MSEK 720 from MSEK 230 a year earlier, and 2025 ROCE of 18.9% still trails the 24.1% 2016-2025 average. Rating Hold: at SEK 263.30 Class A trades near 35.9x TTM earnings and roughly 39x owner earnings, inside the SEK 250-275 base range and at about a 20% premium to economically equivalent Class B, so the ideal buy zone is SEK 156 to SEK 168.
43/100
43Buffett
Weir PLC: 82% Aftermarket Revenue Meets 2.2x Leverage and a 15.2% ROCE, and £27.24 Already Prices the H2 Recovery
Weir PLC is a mining-focused engineering group whose Warman pumps, Cavex cyclones and ESCO ground-engaging tools earn most of their money from replacing worn components rather than from selling new machines, with aftermarket at 82.5% of H1 2026 revenue. First-half orders rose 8% at constant currency to £1.426bn and book-to-bill reached 1.12x, yet adjusted operating margin fell 100bp to 18.8%, ROCE fell 250bp to 15.2% and net debt/EBITDA climbed from 0.7x at end-2024 to 2.2x after the £624m Micromine purchase and three smaller deals. Rating Hold: at £27.24 the shares sit on about 20.6x FY2026 consensus adjusted EPS of £1.324 and inside the £26–£34 acceptable-hold band, but they offer no margin of safety against the £23–£25 conservative value, so a new purchase only becomes compelling around £18.50–£20.00.
44/100
Metso: A 56% Aftermarket Mix, an 18.0% Minerals Margin, and 30 Times Earnings
Metso is a Finnish supplier of mineral-processing and aggregates equipment whose economics rest on the aftermarket: wear parts, mill linings, screening media and service were 56% of first-half 2026 group sales and 65% of Minerals sales. First-half orders rose 12% to EUR 3.017 billion and the backlog reached EUR 3.662 billion, up 13%, while the Minerals adjusted EBITA margin hit 18.0% against 16.4% for the group; operating cash flow nonetheless fell to EUR 131 million from EUR 283 million as working capital absorbed EUR 186 million. Rating Hold: the installed-base quality is real, but at EUR 18.19 the shares carry roughly 30 times trailing earnings and a 3.0% free-cash-flow yield, leaving no margin of safety until the price approaches the EUR 10.0 to 11.2 ideal buy range.
44/100
79Buffett
Sandvik AB: A Record 22.6% Margin With SEK 550 Million of Tungsten Inside It, and No Margin of Safety at SEK 368.70
Sandvik is a Swedish industrial group selling mining equipment, rock-processing machinery, metal-cutting consumables and manufacturing software, with aftermarket and other recurring revenue at about 40% of 2025 sales against 31% in 2019. Q2 2026 set a record 22.6% adjusted EBITA margin, but a company-disclosed SEK 550 million tungsten benefit was worth 380 basis points to Machining, and stripping it mechanically returns the group to roughly 21.1%, inside management's 20% to 22% through-cycle target rather than above it. Rating Hold: at SEK 368.70 the shares trade near 26.2 times trailing adjusted earnings against a SEK 363 base value and a SEK 273 conservative value, leaving no margin of safety.
45/100
59Buffett
SANY Heavy Industry Re-rating: A Globalized Construction-Machinery Leader on Overseas Delivery Plus Domestic Recovery
With overseas revenue at 64% of sales and a 31.7% international gross margin, SANY has moved from a laggard on China's property chain to a globalized heavy-equipment platform running on domestic recovery plus overseas delivery. A TTM P/E of about 20x already reflects the structural improvement, leaving a fair buy range of 15.5–17 yuan. Rated Hold: a good company, but the price has already priced in much of the recovery.
43/100
64Buffett
Deere & Company: A Long-Term Owner's Perspective
A global leader in agricultural and construction machinery, with a five-fold moat of brand + dealers + financing + data; FY2025 net sales of $45.684 billion and R&D of $2.311 billion. At the current share price of $529.24 (~29x P/E), the stock already sits in the optimistic value band, with a clearly insufficient margin of safety.
46/100
60Buffett
Caterpillar Long-Term Value Investment Analysis
Caterpillar is the global leader in construction and mining equipment, with 2025 revenue of $67.589 billion, services revenue of $24.0 billion, and more than 1.6 million connected assets. The core thesis is that it is a high-quality industrial franchise, but the current price of $879.89 is far above a fair range of $300-380, leaving almost no margin of safety. Research rating Watch: a durable compounder deserves long-term attention, but not at today's valuation.