...We expect TK Elevator Group's revenue to grow by about 5% in 2022 on the execution of the new installation order backlog. Germany-based TK Elevator Topco is the holding company of TK Elevator Group (TK Elevator). By our estimates, revenue growth is likely to have been flat in fiscal year ended Sept. 30, 2021, but should pick up in fiscal 2022, increasing by 5.0%-5.5% to 8.3 billion-8.5 billion, up from 7.9 billion in 2020. The revenue increase will be driven by a healthy growth in new installations and modernizations in Asia, particularly in China, as well as a consistently high conversion rate from new installation to service and high service renewal rates. We do, however, recognize the risk that the Chinese real estate market will weaken more than expected as a result of recent developer defaults, putting TK Elevator's new installation business in the region under pressure. We continue to anticipate improving profitability and credit metrics overall in 2021-2022, thanks to the economic...
