Richemont The sparkles: raising forecasts by 7-8%

研报英文原文证据摘录

Richemont The sparkles: raising forecasts by 7-8%

J P M O R G A N Europe Equity Research

16 July 2026

Richemont Overweight

CFR.S, CFR SW

The sparkles: raising forecasts by 7-8% Price (15 Jul 26):CHF194.95

▲Price Target (Dec-27):CHF220.00

Prior (Dec-27):CHF200.00

Richemont kicked off the H1/Q2 26 reporting season yesterday morning with, once

again, a stellar performance. Momentum was solid not just in the Jewellery European Luxury & Sporting Goods

Maisons division (which was up an incredible +24%!) but also in the Specialist Chiara Battistini AC

Watchmakers and Other divisions, which also came in ahead of expectations. As (39-02) 8895-2700

we have been arguing, structural tailwinds in jewellery are clearly benefiting the chiara.x.battistini@jpmorgan.com

J.P. Morgan Securities plc/ J.P. Morgan Securities

Group (see more in our deep-dive note Richemont: 18 Karats of strength); still, the (Asia Pacific) Limited

broad-based nature, magnitude, and consistency of growth also reflect, in our view Wendy Liu

the superior quality of execution. This should be increasingly rewarded by (44-20) 3493-9733

investors, notably in the context of a luxury backdrop that remains highly polarised wendy.liu@jpmorgan.com

and volatile. Banking in the solid beat on Q1 27 numbers, faster momentum and J.P. Morgan Securities plc

better operating leverage, we have raised our forecasts by 7-8%, taking our price Apurva Vishwaraj

target to CHF220 (CHF200). Despite and already solid outperformance YTD apurva.vishwaraj@jpmchase.com

J.P. Morgan Securities plc

(+14% vs sector around -10%), we think the story has further legs thanks to

Victoria Sadensustained momentum and earnings growth acceleration from here. Hence,

(44-20) 3493-0435

Richemont remains our top pick in luxury. victoria.saden@jpmorgan.com