Tefal owner SEB slumps to 8-mth lows as China, Professional biz disappoint
** Shares in Tefal and Rowenta brands owner Groupe SEB SEBF.PA slump almost 8%, to their lowest price in almost 8 months, as a slowdown in both China and Professional division overshadows globally in-line results at group level
** Groupe SEB records 5.6% LFL increase in Q2 sales at 1.85 bln euros ($2.01 bln), with Professional division's growth slowing sequentially to 3.9% from 18.5% in Q1
** "The deceleration in momentum seen in Q2 will be accentuated in H2 in view of the delivery schedule for the major 2023 & 2024 contracts," Midcap Partners says about the division
** Sales in China, which accounts for the majority of sales in Asia - SEB's second biggest region after EMEA - slip 0.6% organically
** "The situation is not improving, the region still suffers from deteriorated context but globally, SEB's addressable market is in decline,", Portzamparc says
** The broker slightly cuts its FY sales estimates for the company due to China, Professional slowdown
** Stock is heading for its worst day in 5 months if losses persist
($1 = 0.9225 euros)
Reporting by Piotr Lipinski
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