j.p. 摩根-欧洲-钻石行业-钻石行业脉搏：节后订单支撑毛坯钻石在抛光生产、价格及库存上的需求

《j.p. 摩根-欧洲-钻石行业-钻石行业脉搏：节后订单支撑毛坯钻石在抛光生产、价格及库存上的需求》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed09Feb201804:55PMGMTDisseminated12Feb201812:15AMGMTEuropeEquityResearch12February2018DiamondMarketPulsePost-holidaysorderssupportpolishedproduction,pricesandrestockingdemandforroughdiamondsJanuarysawimproveddiamondmarketsentimentandfirmerprices,asEMEA&CEEMEA

2、Metals&MiningjewelleryretailersreportedbetterthanexpectedholidayseasonsalesandACFraserJamiesonstartedtoreplenishrun-downstocks.WhiletheBloombergroughpriceindex(44-20)7742-5930wasflattishthroughJanuary,polishedpriceindicesrecorded+1-5%growth,fraser.jamieson@jpmorgan.

3、comsupportingmarginsinthemidstream.AspolisherscontinuetorampupBloombergJPMAJAMIESONproduction,weexpectseasonalrestockingneedsshouldprovidecontinuedJ.P.MorganSecuritiesplcsupportforroughdiamonddemand.WeremainOWonAAL,ALRS&PDL.DominicO'KaneAC(44-20)7742-6729Downst

4、ream–ending2017onanupbeatnote:Majorretailerscontinueddominic.j.okane@jpmorgan.comtoposthealthyend-2017sales,underpinningpositivesentiment.Tiffany’sBloombergJPMAOKANEsamestoreholidaysales(Nov-Dec’17)were+3%YoY,vsSignet’s-5%J.P.MorganSecuritiesplcYoY,amidimprovedU

5、SdemandandarecoveryinAsianmarkets.LVMHAnnaAntonova,CFAsaw+11%YoYsalesgrowthinQ4’17withpositivetrendsacrosseachof(7-495)967-1087itskeyglobalmarkets.Pandora’srevenuewas+15%YoYinQ4andtheanna.antonova@jpmorgan.comcompanyraiseditsFY’18salesguidance.Nov-Dec’17totaladj.USr

6、etailJ.P.MorganBankInternationalLLCsalesgrowthwasrobustat+5.6-5.7%YoY,althoughEurozonesalesandLukeNelsonSwisswatchexportsdecelerated.InAsia,LukFookposted+1%overall(44-20)7134-5297samestoresalesgrowthinQ4’17,whileChowTaiFookwas+5%YoY.luke.nelson@jpmorgan.comJ.P.Morga

7、nSecuritiesplcMidstream–post-holidaysordersdriveuppolishedproduction:IndianItumelengEMolefepolisherscontinuedrampingupproductiontofulfilseasonalpost-holiday(27-11)507-0386ordersfromretailersandreplenishinventories.Dec’17roughdiamonditumeleng.molefe@jpmorgan.comimpo

8、rtswere+12%MoMand+56%YoY,resultinginUS$18.5bnforJ.P.MorganEquitiesSouthAfrica(Pty)Ltd.FY’17,+11%YoY.Rapaportcitestradersreportingoverallgo