After Kone’s disappointing order intake figures, Schindler’s Q2 23 results appeared much better and confirmed our preference for the stock. The Q2 23 results came in above expectations and the company raised its FY23 top-line growth expectations. The EBIT margin especially reached 10.5% in H1 23 vs. 9.7% for Kone, as the group is starting to see the benefits of its cost-efficiency plans. However, we acknowledge that a significant re-rating won’t be possible without the help of the Chinese market ....
