Samsonite 1910

[winston]

<Research>Citi Drops SAMSONITE (01910.HK) TP to $30.5; 2Q Results Miss

SAMSONITE (01910.HK)’s 2Q24 results missed forecast, Citi said in a report.

On a constant currency basis, revenue added slightly by 1.5% YoY, which was below management's previous guidance of 6-8%.

Net profit hiked 3.4% YoY to US$81 million, while adjusted EBITDA shed 3% YoY.

The lower-than-expected earnings were mainly jeopardized by the feebleness in the China market and the intensified price competition in the India market.

The broker revised down its earnings forecasts for FY2024-2026, as the sales outlook and profit trend are weaker, and expected short-term earnings to come under pressure.

Related News: BofAS Trims SAMSONITE (01910.HK) TP to $26.8 as Mgmt Cuts Full-yr Sales Guidance

However, Citi maintained a Buy rating on SAMSONITE and trimmed its target price from HKD36.3 to HKD30.5, citing attractive valuations, the company's commitment to increasing shareholder returns and its announcement of a dual listing in the US.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Samsonite hit by weak consumer spending

by Melody Chen

Net profit of US$346 million (HK$2.7 billion) last year, down 13 percent from a year earlier, as weaker consumer spending on high-end brands, lower retail traffic and price wars by rivals weighed on earnings.

The company declared a dividend of 10.26 US cents per share.

Revenue fell 2.5 percent to US$3.59 billion.

Sales in Asia and North America fell 3.6 percent and 1.2 percent respectively, while Europe and Latin America saw growth of 3.1 percent and 17 percent.

Samsonite continues to make progress toward a potential dual listing in the United States and was said to be working with JP Morgan and Morgan Stanley.

Source: The Standard

https://www.thestandard.com.hk/section- ... r-spending