First Read: Compagnie Financiere Richemont SA "Conf call feedback:..."

研报英文原文证据摘录

First Read: Compagnie Financiere Richemont SA "Conf call feedback:..."

capabilities. UBS Cons.

Regionally, the US market buoyancy continues to be supported by high consumer 03/26E 6.41 6.20

confidence, with a sharpened consumer focus on goods that hold long-term value. At 03/27E 7.73 6.92

the same time, amid early signs of Chinese consumer improvement (Q4 -LSD% to 03/28E 8.92 7.90

flattish), CEO Nicolas Bos highlighted the importance of renewed creativity, with

consumers reacting well to different new creations from the same historic brands given Zuzanna Pusz, CFA

Analyst

the loyal client base. Lastly, the company said that potential US tariff refunds are to be

zuzanna.pusz@ubs.com

decided, confirming that pricing has not been taken to offset the tariff impact. +39 027 2100 226

Reinforced focus on organic growth opportunities Chris Huang, CFA

The conf call was also centred on the competitive landscape for JM, especially in relation chris.huang@ubs.com

to Chinese players. Management emphasised that the market in China has always been +44-20-7901 6240

competitive and made clear that there are no plans to pursue acquisitions of Chinese

Robert Krankowski

brands, with the focus remaining on strengthening the existing portfolio. On disposals, Analyst

management explained that the decision to divest Baume & Mercier followed efforts to robert.krankowski@ubs.com

improve its performance, ultimately concluding that the brand would be a better fit +44-20-7568 1152

within another owner's portfolio. However, regarding earlier media discussion around a

potential disposal of Jaeger-LeCoultre, management firmly denied any such plans.

Valuation: Buy, CHF182 price target

Richemont shares trade on 23.4x and 20.1x calendarised 2026E and 2027E P/E for 3-yr