Doosan Bobcat’s wholesale inventory at its dealers is currently low (below 2 months vs. average of 4-5 months) on strong demand. The potential infra stimulus post-Covid-19in the US will benefit Doosan Bobcat given its high exposure to the US market (70% of its annual revenue). Reiterate Add, with a higher TP of W57k (based on 15x FY21-22F P/E), given strong earnings visibility and dividends.
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