Samsonite 1910

Re: Samsonite 1910

Postby winston » Fri May 25, 2018 2:49 pm

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<Research Report>Deutsche: SAMSONITE Mgmt Needs to Further Explain, Shr Price Expected to Fluctuate

Regarding SAMSONITE (01910.HK)'s resumption today, Deutsche Bank said in its research report that making adjustment before the consolidation of an acquired company is quite common and that auditors will monitor whether it is done within a reasonable range.

The broker added that auditors have shown no concerns yet. Accordingly, the management may deliver more detailed explanations and the share price will be volatile today.

Source: AAStocks Financial News
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Re: Samsonite 1910

Postby winston » Tue Jun 19, 2018 8:31 am

Samsonite boss bags US$1.2m a year

by Samantha Wong

The remuneration for Samsonite International's (1910) chief executive Kyle Gendreau amounted to a fixed base salary of US$1.2 million (HK$9.36 million) per annum.

In addition, the luggage manufacturer said in a filing to the stock exchange the payment of an annual bonus for Gendreau is subject to a target amount of 150 percent of his fixed base salary and to a maximum of 225 percent.

The world's largest branded-luggage maker's shares capped its biggest two-day stock plunge on record on May 24-25 as investors dismissed the company's response to a short-seller's allegations of accounting lapses and poor corporate governance.

Shares of the company have plunged 21 percent since Blue Orca Capital released its report on May 24, resulting in a US$1.3 billion loss in market capitalization.

Gendreau, who has been a member of the senior executive team since 2007, is also entitled to participate in the company's share award scheme.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0619&sid=2
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Re: Samsonite 1910

Postby winston » Wed Jun 20, 2018 1:32 pm

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June 6, 2018

<Research Report>M Stanley Lifts SAMSONITE TP to $32.8, Rated Equalweight

Morgan Stanley, in its report, said market concern over SAMSONITE (01910.HK) has been brushed off and that it did not care much about the management change, but the potential strategy change.

Morgan Stanley raised the target price to $32.8 from $31 with rating Equalweight.

SAMSONITE had been earlier raided by a short seller.

Morgan Stanley pointed out that the core argument was that whether industry growth and gross margin expansion could happen concurrently.

In Morgan Stanley's view, expanding gross margin would not easy if the company focused on revenue growth.

Source: AAStocks Financial News
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Re: Samsonite 1910

Postby winston » Thu Aug 30, 2018 7:37 am

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Samsonite packs a profit

by Jimmy Ding

American luggage company Samsonite International (1910) made a net profit of US$119.8 million (HK$932 million) for the first half, up 19.5 percent year on year.

An interim dividend of 0.077 US cents per share was declared - 13.4 percent up on last year - as sales for six months to June 30 rose 12.9 percent year on year to US$1.85 billion.

Source: The Standard

http://www.thestandard.com.hk/section-n ... r=20180830
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Re: Samsonite 1910

Postby winston » Wed Nov 14, 2018 8:33 am

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Samsonite bags US$75m

by Jeannie Tang

Luggage maker Samsonite International (1910) recorded a net profit of US$75.5 million (HK$591.1 million) in the third quarter this year, a 33.3 percent jump year-on-year, due to a decline in income tax expenses.

Revenues for the three months ended September 30 rose 3.2 percent to US$945.2 million, of which Europe market performed the best, with a 6.3 percent increase in revenues to US$213.3 million.

Revenues from North America, its biggest market, increased 0.2 percent to US$366.8 million. However, China saw a 4.8 percent drop due to weak consumer sentiment amid trade concerns.

Earnings per share was US$0.053 and the gross profit margin was 57.4 percent.

Chief executive officer Kyle Gendreau expected trading conditions to be unsettled for some time since the global economic outlook has become more clouded.

Source: The Standard

http://www.thestandard.com.hk/section-n ... r=20181114
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Re: Samsonite 1910

Postby winston » Wed Nov 14, 2018 8:33 am

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Samsonite bags US$75m

by Jeannie Tang

Luggage maker Samsonite International (1910) recorded a net profit of US$75.5 million (HK$591.1 million) in the third quarter this year, a 33.3 percent jump year-on-year, due to a decline in income tax expenses.

Revenues for the three months ended September 30 rose 3.2 percent to US$945.2 million, of which Europe market performed the best, with a 6.3 percent increase in revenues to US$213.3 million.

Revenues from North America, its biggest market, increased 0.2 percent to US$366.8 million. However, China saw a 4.8 percent drop due to weak consumer sentiment amid trade concerns.

Earnings per share was US$0.053 and the gross profit margin was 57.4 percent.

Chief executive officer Kyle Gendreau expected trading conditions to be unsettled for some time since the global economic outlook has become more clouded.

Source: The Standard

http://www.thestandard.com.hk/section-n ... r=20181114
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Re: Samsonite 1910

Postby winston » Wed Oct 09, 2019 10:56 am

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SAMSONITE(1910)

Analysis:
The Office of the US Trade Representative announced that effective 1 October 2019 the 25% tariff on US$250 billion in Chinese imports would be increased to 30%.

The luggage products are included in the list.

Samsonite has raised its US selling prices by around 12% YTD to cope with the previous 25% tariff, and we believe the company will further increase the selling price to maintain profit margin in Q4 when the new 30% tariff begins.

In 2H19, YoY deterioration of US sales could deepen from -6% YoY in 1H19.

Due to HK mass events, in July and August, the number of tourists dropped significantly, and shops often closed early due to the escalation of the event. Samsonite`s sales in Hong Kong will be even more affected in 2H19.

2Q19 EBITDA margin improved QoQ thanks to the closure of the unprofitable stores in the European market, the reduction in the number of employees and the reduction of marketing expenses.

These initiatives rolled out mainly in 2Q19 and incurred some initial cost.

We expect the cost savings effect will be more significant 2H19.

We expect growth to resume as early as 2020, driven by emerging markets, ramp up of high-end brand Tumi and increasing gross margin. However, due to the current low stock price of Samsonite, there is still room for improvement.

Strategy:
Buy-in Price: $16.60
Target Price: $18.50
Cut Loss Price: $15.00

Source: Phillips
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