KONE : China spoils the party again in Q3
>Q3 2024 below forecasts, with the exception of order intake - Order intake was up by 5.5% at constant currency (cc) in Q3 (consensus at 0.6% and ODDO BHF at 2%), notably thanks to the modernisation segment (+20%) and despite a decline of more than 15% in orders for new equipment (in volume terms) in China. Gross margin on order intake was down slightly vs Q3 2023 and on a sequential basis, due to China. Revenue was up 1.1% cc in Q3, with activity in China down 2...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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