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Research Report

23/08/2019 10:02

{I-bank focus}BofAML cuts Samsonite (01910) to HK$18

[ET Net News Agency, 23 August 2019] BofA Merrill Lynch cut its target price for
Samsonite International (01910) to HK$18 from HK$19.5 and maintained its "neutral" rating.
The research house said Samsonite's 1H results remained weak but 2Q showed sequential
stabilization. Self-help measures and a lower base might help to stabilize operations, but
trade wars and global macro uncertainties could still lead to low visibility ahead.
Underperforming HSI 37% year-to-date, Samsonite now trades at 10x 2019 P/E (a trough
level), which BofAML views as attractive.
Samsonite now targets positive organic sales growth (around low single digits) and
EBITDA margin recovery in 2H. BofAML said SG&A control, retail network optimization,
sourcing diversification, and an easier lap from 2H could help with YoY comparison.
However, the US (36% of revenue in 1H) could still see sales decline in the near term.
The firm hiked prices in the US again by 5% in 3Q, which might not be enough to cover
rising tariffs. HK is also likely to see a negative impact from the protests. (KL)

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