Schindler "Q2 26 Preview: In line quarter ahead; questions on..."

研报英文原文证据摘录

Schindler "Q2 26 Preview: In line quarter ahead; questions on..."

deviation below its historical premium to the market, From To % ch Cons.

we find the valuation attractive and reiterate our Buy rating. 12/26E 10.62 10.62 0 10.33

12/27E 11.46 11.46 0 11.18

12/28E 12.47 12.47 0 11.93

Key points for Q2'26:

Demand environment: Overall, the market demand has remained relatively Andre Kukhnin

stable vs Q1'26. China remains a burden in NI, while outside the region, it has seen Analyst

fairly stable LSD growth. Modernisation is doing well but we note it meets tougher andre.kukhnin@ubs.com

comps in Q2'26. US and Northern Europe continues to be fairly encouraging; +44-20-7567 2162

however, the recovery is still likely to be slow. Patrick Rafaisz, CFA, FRM

Analyst

Sales: China started the year softer from demand and backlog execution points of patrick.rafaisz@ubs.com

view; hence we expect some improvement in Q2 vs Q1, and further in H2. +41-44-239 90 66

Margin: Typical seasonality implies +30/40bps qoq. In Q2'26, raw materials, Jingyi Zheng

logistics and transport costs become a greater headwind; but we note pricing Analyst

jingyi.zheng@ubs.com efforts across the business (including surcharges in service) and further self-help,

+44-20-7568 3962

as well as a track record of over-delivery.

Price/cost: Schindler notes it has the ability to pass through higher inflation, but in

some cases with a lag. In NI, Schindler is raising list prices in Europe and other parts

of the world, after raising them last year in the US in response to tariffs.

Capital allocation: Management looks to evaluate potential remedies from

KONE-TKE as well as broader M&A and capital allocation strategy communication

Highlights (CHFm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E