Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
THE SWATCH GROUP - NEUTRAL | CHF270(+6%) Cautious view for 2020 despite some further cost reduction expected Entry price segment under pressure Cost reduction should continue in 2020 Cautious view for 2020 The low valuation is not an argument
THE SWATCH GROUP - NEUTRAL | CHF270 vs. CHF295 (+6%) 2019 results below expectations both at top line and EBIT line The Swiss watches group severely hit by H-K in 2019 2019 EBIT margin down 120bp to 12.4% 2020-21 EPS cut by 7% FV lowered at CHF270 vs CHF295
We are maintaining our fair value of CHF 358 for narrow-moat Swatch as the company reported weak semiannual results. Despite this, we see shares as attractive at current levels. Revenues were down by 3.7% at constant exchange rates (this compares with 4% growth in Swiss watch exports from January to May 2019), while operating profit declined by 13%. The decline came after a tough comparison base in 2018 (12.6% revenue growth at constant exchange rates in first-half 2018), and was well expected ...
We are maintaining our fair value of CHF 358 for narrow-moat Swatch as the company reported weak semiannual results. Despite this, we see shares as attractive at current levels. Revenues were down by 3.7% at constant exchange rates (this compares with 4% growth in Swiss watch exports from January to May 2019), while operating profit declined by 13%. The decline came after a tough comparison base in 2018 (12.6% revenue growth at constant exchange rates in first-half 2018), and was well expected ...
Swatch is the biggest vertically integrated Swiss watch manufacturer with 20 brands covering all price ranges, from entry to ultraluxury. Swatch-owned brands account for around 35% of Swiss watch exports, and the company supplies competitors with watch movements. Swatch Group’s luxury brands boast 100- to 200-year histories, iconic collections, and deep cultural heritage. The group’s more affordable brands (at price points below $10,000) benefit from cost advantage through scale and a higher...
We are maintaining our fair value estimate of CHF 376 per share for narrow-moat Swatch as the company reported full-year results that were weaker than our and consensus expectations. Sales for the full-year at constant exchange rates increased by 5.7% versus the 8% we expected, while operating margin grew to 13.6% from the 12.5% versus 15% we expected. Excluding the production bottlenecks brands in the second half of the year, revenue would come approximately in line with our expectations while ...
THE SWATCH GROUP - NEUTRAL | CHF340(+12%) Wholesale segment is suffering! Habillage bottlenecks issues should be fixed in H1 Sales decline in Q4, significantly impacted by wholesale Low visibility on margin We remain Neutral on the stock
We are maintaining our fair value estimate of CHF 376 per share for narrow-moat Swatch as the company reported full-year results that were weaker than our and consensus expectations. Sales for the full-year at constant exchange rates increased by 5.7% versus the 8% we expected, while operating margin grew to 13.6% from the 12.5% versus 15% we expected. Excluding the production bottlenecks brands in the second half of the year, revenue would come approximately in line with our expectations while ...
We are maintaining our fair value estimate of CHF 376 per share for narrow-moat Swatch as the company reported full-year results that were weaker than our and consensus expectations. Sales for the full-year at constant exchange rates increased by 5.7% versus the 8% we expected, while operating margin grew to 13.6% from the 12.5% versus 15% we expected. Excluding the production bottlenecks brands in the second half of the year, revenue would come approximately in line with our expectations while ...
THE SWATCH GROUP - NEUTRAL | CHF340 vs. CHF390 (+12%) Even worth than expected, with a very poor H2 FY 2018 sales grew 5.7% (-1% in H2 vs +12.6% in H1) EBIT margin decline in H2 (-240bp) We cut our earnings estimates (2018-2020) by 12% We remain Neutral with a new CHF340 FV vs CHF390
While the luxury sector has been battered over the past few days, we're maintaining our fair value estimates for the firms in this space. We believe the sector valuations are now returning to more palatable levels, after being materially overvalued for most of 2018. While many valuations are still stretched, the sector sell-off has created a few opportunities for long-term investors. We consider wide-moat Richemont a top pick in the space, trading in the 4-star territory at a 20% discount to ou...
While the luxury sector has been battered over the past few days, we're maintaining our fair value estimates for the firms in this space. We believe the sector valuations are now returning to more palatable levels, after being materially overvalued for most of 2018. While many valuations are still stretched, the sector sell-off has created a few opportunities for long-term investors. We consider wide-moat Richemont a top pick in the space, trading in the 4-star territory at a 20% discount to ou...
While the luxury sector has been battered over the past few days, we're maintaining our fair value estimates for the firms in this space. We believe the sector valuations are now returning to more palatable levels, after being materially overvalued for most of 2018. While many valuations are still stretched, the sector sell-off has created a few opportunities for long-term investors. We consider wide-moat Richemont a top pick in the space, trading in the 4-star territory at a 20% discount to ou...
Swatch is the biggest vertically integrated Swiss watch manufacturer with 20 brands covering all price ranges, from entry to ultraluxury. Swatch-owned brands account for around 35% of Swiss watch exports, and the company supplies competitors with watch movements. Swatch Group’s luxury brands boast 100- to 200-year histories, iconic collections, and deep cultural heritage. The group’s more affordable brands (at price points below $10,000) benefit from cost advantage through scale and a higher...
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