Swatch Group : The expected recovery may prove slow to materialise, caution still called for
>Estimates lowered by close to -25%, target price cut to CHF 146, we reiterate our cautious stance on the stock, Underperform rating unchanged - In the wake of the first-half results published in July, we had adopted a scenario of a clear improvement in H2 (y-o-y growth at CER of +2% versus -10.7% reported in H1) and a sharper recovery in 2025 but persistently unfavourable trends in Greater China (1/3 of group sales in 2023) have led us to radically revise our estimat...Swatch Group is active in finished watches and jewelry sector with 20 brands in all market and price brackets. In addition, Co. is engaged in the sector of watch movements and components production as well as in the electronic systems sector. Co.'s operations can be divided into two segments: Watches & Jewelry, which is engaged in the production and sale of watches and jewelry; and Electronic Systems, which is engaged in the design, production and commercialization of electronic components, sports timing activities. Co. manufactures and sells watches under the following brands, among others: Breguet, Harry Winston, Blancpain, Glashutte Original, Jaquet Droz, Leon Hatot, and Omega.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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