[ET Net News Agency, 15 October 2018] Deutsche Bank lowered its target price for
Samsonite (01910) to HK$28.55 from HK$40.88, and downgraded its rating to "hold" from
"buy".
The research house lowered its net profit forecasts for 2018/19/20 by 8/17/15%, with
sales lowered by 3/8/8%. DB believes sales trends in Asia and the US might be slower than
it previously estimated since September given the market slowdown in China, uncertainty in
trade war and strong USD (hurting tourist spending in the US).
Given lower sales growth, DB believes it might be tough to achieve the company's guided
30bp increase in adjusted EBITDA margin in for 2018 unless management lowers its marketing
expense (which is possible). It will also enjoy lower interest expense with its debt
refinancing initiatives in April.
For 3Q, DB expects a 13% rise in net profit to US$64m on a 2% rise in sales to US$935m.
(KL)
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01910 SAMSONITE
Nominal 
27.550 -0.150 (-0.542%) Others
15/10/2018 16:28
[I-bank focus]DB downgrades Samsonite (01910) to HK$28.55
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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