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BofA: Swiss Watch Industry: 3Q Exports -10% and a Slow Recovery Ahead

Sunday, October 25, 2020/ Editor -  

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United Arab Emirates -  October 25, 2020:    Refer to important disclosures at the end of these reports (see links below). Please note, you may quote directly from this research report solely in your reporting as a member of the media; however all quotes must be cited as having come from a BofA Global Research report. All other copying, redistribution, retransmission, republication and any other unauthorized dissemination or use of the contents of the report or the link thereto are prohibited. If you are interested in interviewing an analyst, your request must be directed to Research Communications & Media Relations.

 

 

  Luxury Goods: Swiss Watch Industry: 3Q exports -10% and a slow recovery ahead

 

•  We estimate SWE declined by -10% in Q3, after adjusting for FX and number of trading days. Sept was -11% FX & days adj
•  Volumes continued to underperform value. Greater China positive in Q3, US flat, ROW very tough.
•  We think Rolex, PP and AP continue to dominate, making it more difficult for CFR/UHR to recover. We reiterate our U/P ratings


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