KONE : Q1 much higher than forecast with growth in China!
>A surprising Q1 with stable orders - Expectations were not particularly high for Q1 because the group generates 29% of its sales in China, but it delivered very favourable surprises. Orders were stable at constant forex (+0.3%), as are sales (-0.5%). The group also indicated that the gross margin is improving slightly on orders. In terms of sales, the drop in new equipment (-5.3%) was almost offset by the increases in maintenance (5.7%) and modernisation (1.4%)....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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