Kone (Hold, TP: EUR48.00) - CMD mixed but largely as expected
Kone’s CMD (1 June) provided solid and largely expected market and performance updates, while management maintained its 2022 guidance and outlook, and short-term operational comments. Not for the first time, we sensed a clear shift in focus to Service (Modernisation and Maintenance) growth, including China (where it sees significant potential), while it believes new equipment sales are likely to remain lacklustre. With no estimate changes, we reiterate our HOLD and EUR48 target price.KONE is an elevator and escalator industry group based in Finland. Co. is engaged in the provision of products and services for the installation, modernization and maintenance of elevators, escalators and automatic building doors. Co. provides its products and services throughout the entire lifecycle of the equipment, beginning from the installation of new equipment to the maintenance and modernization during their lifecycle and the full replacement of the equipment. Co.'s customers are active in industry segments such as residential, office, retail, public transportation, hotel, hospital, and marine.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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