j.p. 摩根-欧洲-奢侈品行业-钻石市场脉搏把握

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1、Completed11Jan201806:00PMGMTDisseminated12Jan201812:15AMGMTEuropeEquityResearch12January2018DiamondMarketPulsePositiveholidayretailsalessupportsentiment,pricesanddemandaheadofChineseNewYearTheBloombergroughandpolisheddiamondpriceindicesbothstabilisedinEMEA&CEEMEAM

2、etals&MiningDecandhaverecoveredby+1-2%sofarin2018.PositiveinitialholidayretailACFraserJamiesonsalesreportsintheUSandastrongChineseMainlandconsumermarket(44-20)7742-5930(ChowTaiFooksales+5%YoYinQ4’17)boostedsentimentandfraser.jamieson@jpmorgan.comexpectationsforthe

3、ChineseNewYear(Feb15-21).ReducedinventorylevelsBloombergJPMAJAMIESONshouldprovideadditionalsupportforseasonallystrongroughdiamondJ.P.MorganSecuritiesplcdemandinJan’18.WeremainOWonAAL,ALRSandPDL.DominicO'KaneAC(44-20)7742-6729Downstream–USandAsianretailersenjo

4、yedagoodholidayseason:dominic.j.okane@jpmorgan.comUStotalretailsalesrose+4.9%YoYdrivenbyfashionjewellerysalesBloombergJPMAOKANE(+5.9%YoYonstronglast-minutebuying),accordingtoMastercardJ.P.MorganSecuritiesplcSpendingPulse.MomentuminUSretailsentimentisexpectedto

5、beAnnaAntonova,CFAmaintainedin2018,backedbyeconomicgrowth,pendingtaxcutsand(7-495)967-1087strengtheningconsumerconfidence.Richemont’sQ4’17totalsaleswereanna.antonova@jpmorgan.com+7%YoY(atconstantFX),drivenby+11%YoYsalesgrowthatjewelleryJ.P.MorganBankInternationalL

6、LChouses,withCartierandVanCleefbeingthestrongestperformers.SignetLukeNelsonsame-storeholidaysales(duringNov-Dec’17)disappointed,falling-5.3%(44-20)7134-5297YoY(totalsales-3.1%YoY),dentedbycreditoutsourcingproblems.Inluke.nelson@jpmorgan.comAsia,ChowTaiFook’sQ4’17s

7、ame-storesaleswereup+5%YoYinbothJ.P.MorganSecuritiesplcMainlandChinaandHongKong,drivenbyimprovedlocalsentiment.ItumelengEMolefe(27-11)507-0386Midstream–polishedinventoryfell,pricesfirmonbettersentiment:itumeleng.molefe@jpmorgan.comFollowingabetter-than-expectedho

8、lidayseason,BloombergpolishedJ.P.MorganEquitiesSouthAfrica(Pty)Ltd.diamondpriceindicesareup+1-2%YTDafterrising+1-5%MoMinIshitaVDeshmukhDec'17(dependingo