Q2 Preview: What Happens after the Prebuy?

研报英文原文证据摘录

Q2 Preview: What Happens after the Prebuy?

intake growth in Q2 for

KION, we see a path to deliver broadly stable orders yoy in 2026e after last year's significant

inflection. The group is getting closer to hitting the ~€4bn threshold, driving operating leverage

& margins towards the ~10% target. In the near term, execution & legacy orders closing should

drive further margin improvement in Q2. We see much more room for margin improvement at

JUN3 given the current breakeven levels, with orders growing DD.

KION - Post-summer trends are key – Hold. The group is broadly where it expected to be

halfway through the year on orders in ITS, despite the monthly volatility, with savings coming

through, while IAS continues to deliver on margin improvement. Therefore, we see the group

as being on track with FY guidance. Risks are on H2 and the still-elusive EU/German recovery.

We make LSD cuts to 2026e and HSD cuts to 2027-2028e, with likely obstacles to sustaining

high margin levels in ITS and getting to the 10% target in IAS. We are in line with cons in 2026e,

but HSD below in 2027/2028e. We keep our valuation at 10x P/E 2027e; our PT goes to €43.

Jungheinrich - Earnings recovery supported in the short term - Buy. After a weak Q1 on lower

utilisation & issues related to the strike, mgmt pointed to the lower half of the guide, with cons

at the bottom. Strong order intake with the pre-buy and price increases coming should drive

strong margin recovery into Q2/Q3 in ITS. We expect strong momentum in orders and margin

improvement in AWE to continue this year. Numbers are broadly unchanged, with the phasing

of orders altered to account for pre-buy. With less cyclical exposure and more savings coming

through, we see a more resilient margin performance into 2027e.