Komatsu sales 8M10: 3,653 (+81% yoy), about 73% of FY10 consensus expectations of 5,000 units; slightly ahead of historical 8M contribution of 65-67%.
This suggests upside to 5500 units from the allocated 5000 units this year, with most of the incremental units likely to come from small-to-mid-sized units.
But the question now is whether Komatsu can commit to delivering another extra 500 units for Indonesia this year? Competition comes from China which also saw sharp demand growth this year. Indonesia may not get the whole additional 500 units allocation, ~200 units would be good enough, in our view.
That said, we should expect milder Sep sales because of lots of public holidays (ramadhan and lebaran), rebounding in 4Q10.
Komatsu market share stays strong at 46%
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