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Morningstar’s Analysis

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Chinese Property Market Slowdown Is a Growing Risk for Elevator OEMs

Analyst Note

| Denise Molina, CFA |

Should the Chinese property market spiral into lower property prices and sales and a broader developer liquidity crunch as a result of Evergrande's potential collapse, we believe the near-term credit loss risk for European capital goods suppliers will be moderate and manageable. From a valuation standpoint, the greater risk is a step down in medium-term Chinese property market growth prospects if banks tighten lending to property developers. For now, however, we are making no changes to our ratings or valuations.

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Company Profile

Business Description

Siemens AG is an industrial conglomerate, with businesses selling components and equipment for factory automation, railway equipment, electrical distribution equipment, and medical equipment. Its separately listed business units include Siemens Healthineers, Siemens Energy, and Siemens Gamesa, which supply medical imaging equipment, power generation, and wind turbines, respectively.

Werner-von-Siemens-Strabe 1
Munich, BY, 80333, Germany
T +49 8963632474
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type
Employees 293,000