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Research Report

10/09/2019 17:19

{I-bank focus}HSBC cuts Samsonite (01910) to HK$23; "buy"

[ET Net News Agency, 10 September 2019] HSBC Global Research lowered its target price
for Samsonite International SA (01910) to HK$23 from HK$28 and maintained its "buy"
The research house said Samsonite's current share price hovers pretty close to its IPO
price of HK$14.5 (June 2011), but it's not a true measure of the group's standing. For
instance, sales and EPS in FY2018 were 2.4x and 2.6x respectively from the levels of
Uncertainties around trade tariffs have already impacted the share price severely.
Further, the company is listed in the Hong Kong market has been a double blow for the
HSBC hopes for positive sales and margin inflection in 2H, coming off a lower base than
in 1H, and the positive inflection seen in June and July is encouraging. HSBC trimmed its
FY2019 sales estimate by less than 1% on a more pronounced FX impact in 2H due to recent
USD strengthening. It expects an adjusted EBITDA margin of 18.6% in 2H and 15.5% in FY2019
(both pre-IFRS 16). (KL)

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