[ET Net News Agency, 13 November 2020] Nomura lifted its target price for Samsonite
(01910) to HK$14.4 from HK$6 and upgraded its rating to "buy" from "neutral".
The research house said Samsonite's 3Q sales remained under pressure, but improved
sequentially to -64.7% in constant currency (2Q: -77.9%). GPM retreated by 10.8pp to 44.9%
due to inventory provision, restructuring charges and impairment costs related to sourcing
and production, and product mix shift.
Samsonite's share price rose on news reports of a highly effective COVID-19 vaccine.
Nomura is increasingly confident that the company could steer through the COVID-19
backdrop even if sales remain under pressure in FY2021. (KL)