Recent China Orders Reflect Kone's Ability to Win Large Orders but Unlikely With Margin Benefits
We think Kone's recent announcements of large orders in China likely reflect share gains on new elevator and escalator installations against smaller competitors, which are mainly local. Although we do believe Kone is a price leader, we believe margins on those contracts are likely lower than the group global average from a still weak overall new installation market in China. This year we forecast group revenue to grow at 2.5% but EBIT margin to decline by 70 basis points to 14%. In the medium te...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.
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