Southwest Securities says Aug 2026 saw construction machinery volumes rebound at
the tail of the slow season into the September–October window, with excavator
sales accelerating and exports rising faster than expected; loaders logged
positive growth domestically and abroad. The brokerage attributes momentum to a
replacement cycle, export-led demand and a spreading wave of price increases;
industry competition is shifting from price-driven compression to profit
recovery, with leaders having implemented excavator price hikes and price rises
now extending to cranes. FX headwinds into 2026 Q3 may ease marginally versus
last year’s H2 negative-contribution low base, potentially unlocking earnings
leverage for market leaders. It recommends prioritizing high-share,
export-strong, margin-resilient OEMs and core component suppliers to capture an
earnings catalyst from price realization, production delivery and FX
improvement.
