[ET Net News Agency, 15 May 2020] CLSA cut its target price for Samsonite International
SA (01910) to HK$9.06 from HK$9.84 and maintained its "buy" rating.
While the 1Q result itself was in-line with the previous trading update, the research
house was positively impressed by the stronger-than-expected liquidity arrangement, cost
control, and cash flow management, yet negatively surprised by slow sales outcomes in
regions Covid-19 was reasonably well contained.
CLSA now forecast adjusted EBITDA loss of US$270m and cut 2021/22Cearnings by 16%/7%,
respectively. (KL)