Richemont Top quality - remain Overweight

研报英文原文证据摘录

Richemont Top quality - remain Overweight

J P M O R G A N Europe Equity Research

22 May 2026

Richemont Overweight

CFR.S, CFR SW

Top quality - remain Overweight Price (21 May 26):CHF156.65

Price Target (Dec-27):CHF200.00

In our luxury sector recap post Q1 reporting last week (see our note Testing European Luxury & Sporting Goods

ACquality), we argued that the first quarter of 2026 truly tested the quality of the luxury Chiara Battistini

business models, in light of sudden geopolitical shocks, pressure on tourist spend, (39-02) 8895-2700

and uneven consumer patterns in most geographies. In this context, we think chiara.x.battistini@jpmorgan.com

Richemont’s growing quality shined through, with, once again, one of the best top- J.P.(AsiaMorganPacific)SecuritiesLimited plc/ J.P. Morgan Securities

line performances in the sector (the other players reporting double-digit growth did

Wendy Liu

so off much smaller sales bases), consistent momentum across all regions, healthy (44-20) 3493-9733

margin developments ex-FX along with tight opex management, and encouraging wendy.liu@jpmorgan.com

progress in the lagging divisions, despite an environment that has pushed brand J.P. Morgan Securities plc

polarisation even further. We have reviewed our forecasts, raising them by 3% on Apurva Vishwaraj

better top line and tighter opex/progress in Specialist Watchmakers more than apurva.vishwaraj@jpmchase.com

offsetting lower gross margin estimates. We think with external headwinds J.P. Morgan Securities plc

(notably FX) peaking in H2 26, profitablilty growth and the high quality profile of Victoria Saden

the Group should increasingly crystallize from here. In this context, we see the (44-20) 3493-0435

victoria.saden@jpmorgan.com