Report by Asymmetric Advisors
ML, the No. 3~4 global forklift player, has seen its share price nearly double since Asymmetric turned bullish last May. A combination of strong US orders and backlog, price hike effect and FX have boosted earnings whilst a large amortisation charge will disappear from FY3/26. Despite the impressive share performance, Asymmetric remains the only broker covering the stock and ML's PER remains low at <7x next year vs. >13x at global peers Kion and Jungheinrich.