KONE : A good Q1 thanks to China, but raw material inflation weighs on the outlook
>A largely good quality Q1, particularly for sales growth - Yesterday, KONE published a 1.3% increase in order intake at constant currency for Q1 2021 with a 9.1% increase in sales, compared with, respectively, +3.6% and +4.0% for the consensus. The group underscored that China was the principal support to sales growth (growth of more than 30% on our estimates).The gross margin on orders contracted slightly vs Q1 2020 (after two quarters of stability and a growth...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.
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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