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RTNominal down16.320 -0.740 (-4.338%)
Research Report

07/08/2019 11:28

{I-bank focus}Nomura cuts Samsonite (01910) to HK$15.3

[ET Net News Agency, 7 August 2019] Nomura cut its target price for Samsonite (01910)
to HK$15.3 from HK$18.5 but upgraded its rating to "neutral" from "reduce".
Samsonite is implementing another round of price hikes in the US, at 9-10%, intended to
offset the 15% tariff hike. This follows the 6-7% price increase in late 2018. The
research house expects demand for the company's luggage in the US is being negatively
impacted in 2H, with little visibility on the sales outlook.
Nomura looks for a mid-single-digit decline in North American sales in 1H. In Asia
Pacific, too, it expects 2Q to follow a similar trend as 1Q, with China recovering in 2Q
given the removal of the one-off impact from weak corporate sales in 1Q while being offset
by deteriorating performance in HK and a similar trend as 1Q in South Korea and Japan.
Nomura lowered its FY2019-21 earnings forecasts by 13-18% to reflect its conservative
sales and margins assumptions post another round of tariff hikes. (KL)

Remark: Real time quote last updated: 24/01/2020 17:59
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