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Citi: Maintains 'shareholding' rating for Samsonite, target price lowered to 30 Hong Kong dollars.
Morgan Stanley released a research report stating that it has lowered Samsonite (01910) target price by 14.3%, from 35 Hong Kong dollars to 30 Hong Kong dollars, mainly due to the decrease in earnings per share forecast. The rating remains as 'shareholding'. In addition, Samsonite has repurchased 39 million shares since the beginning of the year, with expectations for continued buybacks. Morgan Stanley expects Samsonite's third-quarter 2024 sales and adjusted EBITDA to decrease by 5% and 18%. In the Asia region, China and India may be the main drags. In North America, Morgan Stanley believes that third-quarter sales will be worse than the second quarter. Europe's performance is relatively good, but Morgan Stanley believes that sales growth is still slowing down.
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