Komax slides as it sees lower revenues in 2024
18/06/2024 09:18
** Shares in Komax KOMN.S fall around 4% to August 2020
lows after the Swiss cable machinery maker said its revenues
this year would be around 20% lower compared to 2023
** Komax says it anticipates its revenue to be down at a
level that it saw in the first five months of the year, when
both order intake and revenues fell 20% y/y
** Says its customers are "investing less and postponing
projects"; posted revenue of 752 mln Swiss francs in 2023
** Current market downturn hits mostly standard machines
related to production volumes, Vontobel analysts say
** "Komax is going through a cyclical decline which is
exacerbated by the extra capacity installed after the Ukraine
war," the broker adds
** Still, Vontobel says the outlook cut could be "a clearing
event given the strongly negative sentiment," and sees a buying
opportunity
(Reporting by Marleen Kaesebier)
((Marleen.kaesebier@thomsonreuters.com))