[ET Net News Agency, 30 January 2020] HSBC Global Research lowered its target price for
Samsonite International SA (01910) to HK$20 from HK$23 and maintained its "buy" rating.
The research house said the group is still exposed to 25% tariffs even after the recent
signing of the "phase one" deal between the US and China. However, the group is reducing
its sourcing from mainland China but this is unlikely to show any margin improvement
before 2H 2020.
In Hong Kong, the group has not been able to secure any rental concessions as yet.
Separately, the main cause of concern for the group is now the recent coronavirus outbreak
in China.
HSBC expects Samsonite's FY2019 sales at constant FX down 1.5% and EBITDA margin down
230bps to 13.8% (pre-IFRS 16). This implies 4Q sales down 2.2% at constant FX and down
3.5% on a reported basis. (KL)
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01910 SAMSONITE
Nominal 
26.750 -0.550 (-2.015%) Research Report
30/01/2020 17:35
{I-bank focus}HSBC cuts Samsonite (01910) to HK$20; "buy"
| Remark: | Real time quote last updated: 19/04/2024 12:21 |
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