Komax Group : Intact megatrends – but global car production and China present challenges
Komax, as the global leading wire processing equipment producer (estimated 69% global market share for automation solutions), faces multiple challenges, with muted global car production, bad investment sentiment among its clients, and increasing Chinese competition. Komax has implemented extensive measures to optimize its cost structure and increase its presence in China (18% of 2024e sales). Despite the significant share price decline, we regard the risk-reward profile as unappealing for now and are initiating coverage with a Neutral rating (TP CHF 75).Komax Holding, through its subsidiaries, is active in the manufacturing of machines worldwide. Co.'s business activities are focused on the development, production and sale of high-quality capital goods for precision engineering, electronics and information technology in the areas of wire-processing and automated production and assembly. The focus is on highly automated production systems for the automotive, household appliances, electronics, telecommunication, solar energy and medical technology sectors. Co. operates in three business segments: machinery; photovoltaics field; and medical technology sector.
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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