Samsonite (01910) is now down more than 4%, hitting a new low of HK$20.1 during the year. As of press release, it decreased by 3.81% to HK$20.2, with a turnover of HK$44.874 million.
The Zhitong Finance App learned that Samsonite (01910) has now fallen by more than 4%, hitting a new low of HK$20.1 during the year. As of press release, it decreased by 3.81% to HK$20.2, with a turnover of HK$44.874 million.
HSBC released a research report saying that due to weaker consumption than expected, Samsonite's short-term trend is still facing challenges, but the long-term outlook remains unchanged. The bank reduced the Group's annual natural sales growth forecast from 11.8% to 7.1%, expected gross margin to rise by 10 basis points to 59.5% year on year, and adjusted EBITDA fell 40 basis points year on year to 18.9% year on year. Samsonite's sales and adjusted EBITDA forecasts for 2024 to 2026 were lowered by 5% and 6% respectively, and the target price was reduced from HK$37 to HK$33 accordingly.
UBS, on the other hand, said that due to investors' concerns that Samsonite's revenue growth will be affected in the context of increased competition in India and consumption downgradation in mainland China, the company's stock price has fallen by more than 20% since the first quarter of fiscal year 2024. The bank believes that the short-term revenue environment is challenging and may cause the company to adjust its 2024 performance guidelines, but believes that investors have taken into account the weak profit prospects. Looking at the full year, due to the weak revenue environment, the bank lowered the Group's revenue forecast for the 2024-2026 fiscal year by 4 to 6%, and adjusted EBITDA by 5 to 8% as a result. The bank lowered the company's target price from 33.5 yuan to 30.8 yuan, maintaining a “buy” rating.