[ET Net News Agency, 19 September 2018] HSBC Global Research raised its target price
for Samsonite Intl SA (01910) to HK$40 from HK$38, and maintained its "buy" rating.
After a painful episode featuring the group countering a short seller report and
replacing its CEO in the process, the research house took the view that many questions had
been asked and answered and both the company and investors were likely keen to focus on
the business. While the business is delivering well, the share price is still below where
it traded ahead of the "episode".
HSBC believes that part of the market has taken some distance from the story and
probably time only will enable what would be a well-deserved re-rating.
It noted that Samsonite's 1H results were quite impressive with sales growing 10% at
constant FX (excluding the acquisition of e-Bags) and 2Q showing a margin rebound after
the 1Q margin decline. Besides, the visibility on 2H growth in sales and margin is good
and the long-term outlook for the company seems reasonable and possibly beatable. (KL)
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01910 SAMSONITE
Nominal 
28.100 -0.100 (-0.355%) Others
19/09/2018 13:58
[I-bank focus]HSBC raises Samsonite (01910) to HK$40
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