Samsonite 1910

Re: Samsonite 1910

Postby winston » Fri Mar 04, 2016 11:47 am

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<Post Resumption>SAMSONITE Once Surges Over 6%; Proposes M&A to Tumi for Over US$1.8B

SAMSONITE (01910.HK) proposed to acquire US-listed company Tumi at a total consideration of US$1.824 billion.

The transaction was expected to be completed in the latter half of the year. Tumi surged 30.2% to close at US$26.2 last night (3 March).

The stock opened higher over 4% after resumption this morning, surpassing 250-day MA ($24.68).

It climbed at most 6.3% to peak at $25.2, an over-four-month high. Yet it saw gain narrowed to only 1.5% without support as profit-

taking sales sprung up. It last traded at $24.05, on volume surging to 5.41 million shares.

Source: AAStocks Financial News
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Re: Samsonite 1910

Postby winston » Fri Mar 18, 2016 7:13 am

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Samsonite remains packed for profit

Luggage maker Samsonite International (1910) saw a 6.1 percent rise in annual net profit last year to US$197.6 million (HK$1.53 billion) from 2014 following strong growth in all operating regions.

In the year to December 31 net sales rose 11.9 percent to a record US$2.43 billion.

Excluding exchange losses, net sales hit US$947.6 million in Asia up 12.8 percent and US$811.3 million in North America, up 7.4 percent. And online sales reached US$205.8 million, up 40.4 percent.

Same-store sales in Hong Kong saw single-digit growth while the mainland was flat.

A strong Hong Kong dollar made the SAR less attractive to visitors.

Chief executive Ramesh Tainwala saw it as "the most challenging market of all in Asia." But there are no plans to shut outlets.

He also said Chinese tourism will drive growth over the next five years.

Basic earnings per share rose to 13.9 US cents from 13.2 US cents.

Source: The Standard
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Re: Samsonite 1910

Postby winston » Wed Aug 31, 2016 7:34 am

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Samsonite sales fall 16pc

by Esther Yu

Luggage retailer Samsonite (1910) believes the local market has yet to bottom out after posting a 16 percent fall in net sales during the first half.

Ramesh Tainwala, pictured, Samsonite's chief executive, said the management is considering closing down a few local outlets as the outlook for SAR remains grim .

Samsonite posted a 13 percent fall in half year profit to US$82.4 million (HK$642.7 million).

Hong Kong accounts for less than 2 percent of revenue.

The firm is however holding a positive view on the second half, especially Asia, where it expects sales in its largest regional market - China - to turn around and see a single digit growth.

First-half net sales in China slid 5 percent to US$123.58 million.

Source: The Standard
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Re: Samsonite 1910

Postby winston » Fri Mar 17, 2017 7:43 am

Samsonite net up 29pc

by Carrie Chen

Travel luggage maker Samsonite International S.A. (1910) said its 2016 net profit jumped by 29.4 percent to US$255.7 million (HK$1.99 billion), boosted by record high net sales since it listed in Hong Kong in 2011.

Net sales on a constant currency basis were 17.3 percent higher at HK$2.8 billion.

Tumi, which Samsonite acquired last August, contributed net sales of US$275.8 million for the five months to December last year.

Earnings per share was 18.10 US cents, up from 14 US cents a year earlier.

Despite gains last year, it faces headwinds in three Asian markets, specifically Hong Kong, South Korea and India, Samsonite said.

It noted that the SAR's retail market was dragged down last year by the continued fall of mainland tourist arrivals.

Chief executive Ramesh Tainwala, however, said Samsonite has seen signs of stabilization at the end of last year and it expects to see a low single-digit growth of 4 to 5 percent next year.

He said net sales of its e-commerce unit rose 19.7 percent on a constant currency basis from a year earlier.

Source: The Standard
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Re: Samsonite 1910

Postby winston » Fri May 26, 2017 12:52 pm

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Samsonite: On Track for Solid Year; Nomura Sees 21% Upside

By Isabella Zhong

Nomura has lifted its target price on luggage maker Samsonite International (1910.HK) from HKD30.50 a share to HKD37 a share, which implies 21% upside.

Analyst Emily Lee argues the slowdown in the U.S. should not be a concern, while growth should remain strong in other regions:

Investors should not be concerned with the slowdown in core Samsonite on N America (1Q17: -0.9%; 2H16: 7.3%), as it was mainly due to Walmart and Sam’s Club delaying order placements ahead of American Tourister’s new launches.

For 2Q to date, management guides that growth has reaccelerated to 5%. Regarding negative growth at some select US department stores, management guides that these names only account for an insignificant portion of its distribution, and sales for its main wholesalers remain steady.

Constant currency sales growth for Asia rose to 4.3% in 1Q17 from 4.2% in 2H16, Europe (13.4% in 1Q17 from 11.8% in 2H16), and Latin America (23.5% in 1Q17 from 21.6%). According to management, growth has sustained in 2Q, to date, and the company is on track to achieve its mid-single-digit target for the core Samsonite business.

Lee also spies upside for Tumi, a New Jersey-based luggage maker that Samsonite acquired in March 2016.

We raise FY17/18F sales growth for Tumi to 15/18% from 13/14% on:
1) buyback of distributors faster than expected by the company, with South Korea/China/HK starting to contribute in 2Q17;
2) new product launches for Tumi to be rolled out in 4Q17 and 3) investment in marketing at 6.5-7.0% of revenue to boost sales.

Samsonite shares have gained 38% this year and trade at 19 times forward earnings, which is a tad above its five-year average of 18 times. The stock pays a 1.7% dividend yield.

Source: Barron's Asia

http://www.barrons.com/articles/samsoni ... 1495772752
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Re: Samsonite 1910

Postby winston » Mon Dec 18, 2017 10:38 am

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SAMSONITE(1910)

Analysis:
After the acquisition of TUMI, Samsonite (1910) completed the acquisition of eBags in May 2017.

eBags is a leading online retailer of bags and related accessories for travel. The acquisition will give Samsonite a strong platform to help accelerate the growth of the Company's direct-to-consumer e-commerce business in North America and worldwide.

It will also provide the Company with immediate resources and digital know-how to strengthen the Company's existing digital capabilities. (I do not hold the above stock)

Strategy:

Buy-in Price: $34.50, Target Price: $38.00, Cut Loss Price: $33.00

Source: Phillips
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Re: Samsonite 1910

Postby winston » Thu May 24, 2018 1:25 pm

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SAMSONITE (01910.HK) Halts Trading; Short Seller: Company Has Corporate Governance Issue

SAMSONITE (01910.HK) has halted trading with effect from 11:18 a.m. today (24 May).

The short seller Blue Orca Capital issued a report this morning, saying the company registered problems in corporate governance and accounting and the target price was only $17.59.

The stock last printed at $30.7, down 9.8%, before trading halt.

Source: AAStocks Financial News
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Re: Samsonite 1910

Postby winston » Fri May 25, 2018 9:41 am

Samsonite shares slump to 9-month low after being hit by a short-seller attack

Shares in Samsonite fell to a 9-month low on Thursday.

The stock came under pressure after a short seller issued a report saying the world's largest luggage maker had questionable accounting practices and poor corporate governance.

Blue Orca Capital said the company had concealed slowing growth through acquisitions and had used accounting methods to massage earnings and inflate profit margins.

Last week, Samsonite posted an 18.6 percent year-on-year increase in profit at $43.9 million for the January-March quarter, with net sales rising 21.1 percent to $888.2 million.

Samsonite said its gross profit margin was 56.5 percent at the end of March, from 55.3 percent a year earlier, due to a higher proportion of net sales coming from the direct-to-consumer channel and increased sales of Tumi-branded goods.


Source: Reuters

https://www.cnbc.com/2018/05/24/samsoni ... ttack.html
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Re: Samsonite 1910

Postby winston » Fri May 25, 2018 9:49 am

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We suspect that Samsonite has concealed slowing growth through debt fueled acquisitions and that it has massaged earnings and inflated margins through highly questionable purchase price accounting.

Samsonite should trade at a discount to its peers because of corporate governance concerns regarding its audit profile, dodgy related party transactions between the Company and Indian entities controlled by the CEO and his family, and CEO’s Ramesh Tainwala’s resume fraud of claiming to be a doctor when he is not.

Samsonite is a mid-level brand masquerading as a premium luxury player. Samsonite is more sensibly compared to a peer group of mid-tier brands such as Michael Kors (KORS), Tapestry (TPR) and PVH.N. Using this peer group, we value Samsonite as a blended average of four methodologies yielding a share price of HKD 17.59 per share, 48% below Samsonite’s last traded price.

1. Tumi: Payables from Thin Air. Tumi US$100m payables?
2. Tumi’s Asian Distributors: Under-Reported Inventory Balance
3. Zero Margin Inventory Foreshadows Falling Profitability
4. CEO Resume Fraud
5. Red Flags at South Asian JV
6. Audit Red Flag: Manual Journal Entries?
7. . Web of Related Party Transactions


Source: Blue Orca

https://static1.squarespace.com/static/ ... 910%29.pdf
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Re: Samsonite 1910

Postby winston » Fri May 25, 2018 1:42 pm

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Jan 9, 2018

Decent 4Q sales momentum

4Q17 sales should come slightly ahead of expectations, supporting good confidence for the outlook in 2018

Latest US tax cut should also be somewhat beneficial

We maintain our estimates and TP of HK$39.29 and reiterate BUY

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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