Macquarie: Target price for Samsonite (01910) “neutral” rating lowered to HK$19.7

The Zhitong Finance App learned that Macquarie released a research report stating that it gave Samsonite (01910) a “neutral” rating and lowered the adjusted net profit forecast for this year and next two years by 2.3% and 10.2%, respectively. It is expected that sales and profits for the third quarter will fall short of expectations, and the target price will be lowered from HK$22 to HK$19.7.

The bank expects Samsonite's revenue for the third quarter of this year to fall 3% year-on-year due to declining global consumer trends. It is believed that gross margin for the third quarter will be negatively affected by unfavorable regions and product portfolios, but good cash flow should allow the company to continue to return shareholders and carry out deleveraging.