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Research Report

18/05/2020 11:00

{I-bank focus}Macquarie lowers Samsonite (01910) to HK$14

[ET Net News Agency, 18 May 2020] Macquarie Research lowered its target price for
Samsonite International S.A. (01910) to HK$14 from HK$14.6 and maintained its "outperform"
The research house said Samsonite's 1Q revenue and adjusted EBITDA down by 26.1% and
94.1% respectively in constant currency. Management provided conservative guidance on 2Q
outlook, and Macquarie believes 2020 full year would be tough for its business.
Samsonite is taking cost-/cash- saving measures and is holding sufficient liquidity,
which could help it to weather through 2020. Macquarie said the market's concern on
balance sheet and liquidity issue can be greatly relieved post the debt covenant
suspension till 3Q 2021 and a total liquidity of US$1.8bn ready on 7 May 2020. (KL)

Remark: Real time quote last updated: 30/10/2020 17:59
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