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Research Report

14/11/2019 17:10

{I-bank focus}Morgan cuts Samsonite (01910) to HK$17.9

[ET Net News Agency, 14 November 2019] Morgan Stanley lowered its target price for
Samsonite International (01910) to HK$17.9 from HK$19 and maintained its "equal-weight"
The research house doesn't think Samsonite's current 13x 2020 P/E represents the full
value of its global household name, absolute leadership in market share, and extensive
distribution footprint.
Yet Morgan thinks lukewarm earnings growth in 2020 may impede re-rating. It is
encouraged to see the company's cost control initiatives (downsizing and A&P cut), which
are likely to offset the GPM decline in 2020 owing to the 25% tariff.
In view of modest sales growth in 2020, Morgan forecast mild EBITDA margin recovery for
2020, as opposed to erosion in the 2017-19 period. (KL)

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