Moncler (MONC IM) Buy: a puffy Summer

研报英文原文证据摘录

Moncler (MONC IM) Buy: a puffy Summer

ce architecture and product

offering to continue to capture growth opportunities in China outdoor and in the US, where 70.00

the brand awareness is lower. In the US, the brand should gain more visibility soon with 56.50

the New York flagship opening in September. Q2 earnings (due 22 July) could be a good 43.00

opportunity to talk a bit more about it. 06/25 12/25

Target price: 67.00 High: 58.56 Low: 45.97 Current: 53.78

Weaker tourism flow in Europe, in a low season business is impacting Q2 Source: LSEG IBES, HSBC estimates

Q2 is one of the most exposed quarters to tourism in Europe along with Q3, as it is for the

rest of the luxury industry. While we believe some companies may have seen a bit of an Anne-Laure Bismuth*

improvement with the American and Middle Eastern clientele in Europe more recently, Head of Consumer Luxury & Sporting Goods

HSBC Bank plc

Moncler is still likely to be penalised by softer travel flows from Asia since March. We annelaure.bismuth@hsbcib.com

expect Moncler DTC organic sales up 4.2% in Q2, including a space contribution of 2.7% +44 20 7991 6587

and like-for-like up 1.5%. Stone Island should continue its solid sales growth trajectory. Akshay Gupta*, CFA

Global Luxury & Consumer Analyst

We expect margin to expand a bit in H1 26 on the back of solid sales growth, up 40bps to The Hongkong and Shanghai Banking Corporation Limited

18.7%, mostly driven by our 50bps forecast gross margin improvement to 77.4%. akshay.gupta@hsbc.com.hk

+852 2974 2980

Maintain Buy, cut TP to EUR67 (from EUR68) on a slight earnings estimates cut.

We have cut our earnings by 1% in 2026-2028 on the back of slightly weaker organic * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is