Samsonite 1910

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DJ MARKET TALK: Samsonite Down 1.5%;Stake Cuts Concerns Likely Weigh

0940 [Dow Jones] Samsonite (1910.HK) is down 1.5% at HK$11.58, adding to its 5.9% fall Tuesday on elevated volume.

There's no company-specific newsflow, but the losses could be due to concerns of further stake cuts by its shareholders RBS and private equity fund CVC Capital, which combined raised HK$1.68 billion via share placement (at HK$14.90 per shares) on Apr. 10, with a 90-day lock-up period.

According to a HKEx disclosure, CVC and RBS hold 23.33% and 12.51% stakes respectively in Samsonite after the April sale, and are the two largest shareholders.

Samsonite is now near the lower end of its 2012 trading band of roughly HK$11.00-HK$16.00, and could present an entry chance if assuming its recent share-price weakness is due to concerns about stake cuts rather than fundamentals.

Source: Dow Jones Newswire

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SAMSONITE (01910.HK) expects China's biz to slowdown in 2H; targets at 200 new shops in China for 2012

SAMSONITE (01910.HK)'s Chief Financial Officer Kyle Gendreau said at results briefing that the sales in North America, Asia, Europe and Latin America in the 1H rose 6.7%, 9%, 10% and 15%.

In particular, China's same-store-sales growth was close with other Asian regions. The same-store growth last year was slightly better than this year.

Gendreau noted that as the sales are negatively impacted by the exchange rate, the Company has always been pursuing hedging for the business. The hedging for this year has started, with main focus on the Indian rupee.

Timothy Parker, Chairman & Chief Executive Officer, added the shop opening target this year for the U.S. and European markets, which are more mature, is 7-10, while the target for Asian regions is 500-600.

Ramesh Tainwala, President at Asia-Pacific and Middle East, noted the yearly target for China is 200 new shops, of which 100 has opened in the 1H.

Specifically, 150 shops will be located in third to fourth tier cities, while the other 50 will be located in the first to second tier cities.

In addition, Timothy Parker said the sales growth in China was robust in the 1H, but mild slowdown is expected in the 2H due to market volatility.

Source: AAStocks Financial News

[winston]

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CVC reduces stake in SAMSONITE (01910.HK) for $1.45B cash, Wellington raises stake for $570M

The single largest shareholder CVC Capital Partners, on 17 September reduced stake in SAMSONITE (01910.HK) by 100 million shares over the counter at $14.5 apiece, bringing cash of $1.45 billion.

CVC's shareholding in SAMSONITE declined from 23.33% to 16.22%.

Wellington Management on 17 September increased stake in SAMSONITE by 39.0036 million shares over the counter at $14.725 apiece, involving a capital of $574 million.

Wellington's stake in SAMSONITE increased from 5.46% to 8.23%.


Source: AAStocks Financial News

[winston]

not vested

CVC reduces stake in SAMSONITE (01910.HK) for $1.45B cash, Wellington raises stake for $570M
2012-09-21

The single largest shareholder CVC Capital Partners on 17 September reduced stake in SAMSONITE (01910.HK) by 100 million shares over the counter at $14.5 apiece, bringing cash of $1.45 billion.

CVC's shareholding in SAMSONITE declined from 23.33% to 16.22%.

Wellington Management on 17 September increased stake in SAMSONITE by 39.0036 million shares over the counter at $14.725 apiece, involving a capital of $574 million.

Wellington's stake in SAMSONITE increased from 5.46% to 8.23%.


Source: AAStocks Financial News

[winston]

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RBS reduces stake in SAMSONITE (01910.HK) to 8.7%, cashing in nearly $778M

Information provided by the stock exchange showed that RBS reduced stake in SAMSONITE (01910.HK) by 53.6319 million shares over the counter at $14.5 per share, cashing in nearly $778 million.

RBS's holdings thus dropped to 8.7% from 12.51%.


Source: AAStocks Financial News

[winston]

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SAMSONITE (01910.HK) 3Q net sales up 7.3% to US$451M

SAMSONITE (01910.HK) announced for the three months ended 30 September, the consolidated net sales rose 7.3% year-on-year to US$451 million.


Source: AAStocks Financial News

[winston]

Samsonite China sales grow at rapid pace

Samsonite (1910) said today sales in Asia increased by US$23.6 million, or 14.8 percent in the three months ended September, compared with the third quarter of 2011.

Sales in China were up 15.8 percent, while in Japan, sales improved 19.4 percent and in South Korea by 51.9 percent, over the previous year. But sales in India fell by 2.5 percent.

Sales for the three months ended September increased by 12.7 percent, compared with the third quarter of last year

In Europe, sales slumped by US$10.2 million, or 7.6 percent, for the three months ended September, compared with the third quarter of last year.

For the nine months ended September, sales increased by 16.2 percent, compared with the same period last year.

Consolidated net sales increased by US$133.5 million, or 11.5 percent, to US$1.29 billion from US$1.16 billion.


Source: The Standard HK

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<Research Report>SAMSONITE (01910.HK) drops 5% on slowed income growth; Macquarie sets TP at $17.1

SAMSONITE (01910.HK)'s third quarter income gained 7.3% as compared with a 12.7% income growth in the second quarter, said Macquarie, adding however SAMSONITE is still able to monetize its brand despite shouldering pressure in both Asia and Europe and can provide continuous profit growth for investors.

SAMSONITE was rated Outperform with target set at $17.1.

The stock dipped 5.5% to $15.38 with trading volume equaling 1.69 million shares.

Source: AAStocks Financial News

[winston]

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DJ MARKET TALK: Samsonite Off 6.1% Post-3Q; HSBC Cuts To Neutral

1526 [Dow Jones] STOCK CALL: HSBC cuts Samsonite (1910.HK) to Neutral from Overweight, despite raising its target price to HK$18.40 vs HK$17.50, on DCF rollover despite a 5% cut in FY13 EPS.

It says that following a strong performance in 2Q, "we were probably hoping for too much in 3Q for Samsonite" and as sales for that quarter came in about 7% lower than its expectations and as 3Q is the most important one in the year, "we can only acknowledge that part of our assessment was overly optimistic."

HSBC says 3Q results show "India and the U.S. are unexpected negative surprises to us;" it adds that while valuation seems fair, there is a lack of catalysts in the short term following the stock's recent outperformance.

Samsonite falls 6.1% to HK$15.28.


Source: Dow Jones & Company, Inc.

[winston]

not vested

SAMSONITE (01910.HK) initiated Outperform with TP$20.75 by CS

SAMSONITE (01910.HK) is initiated with Outperform, as the company has the most convincing brand value, and the market has understated its development potential and investment return, Credit Suisse said in a report.

SAMSONITE ranks top in global suitcase market and will continue to secure market share.

Credit Suisse believes that sales growth will accelerate in the first half of 2013, which will be a possible positive surprise.

Credit Suisse sets SAMSONITE's target price at $20.75.


Source: AAStocks Financial News