Samsonite Strong Sales Growth and Higher Marketing Costs for 1H, Within our Expectation
We keep our fair value estimate on Samsonite unchanged at HKD 40.50 following first-quarter results that point to solid sales growth of 21% year over year, offset partly by higher marketing and distribution costs. We think both sales and costs will normalize in the second half and keep our earnings estimates unchanged. Management expects full-year revenue growth of 10%-11% and profitability to rise by around 40 basis points on improved operating leverage. This remains in line with our assumption...Samsonite International is active on the travel luggage market. Co. is engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags, and travel accessories throughout the world, primarily under the Samsonite® and American Tourister® brand names and other owned and licensed brand names. Co. sells its products through wholesale distribution channels and through Co.'s operated retail stores. Co.'s principal luggage wholesale distribution customers are department and specialty retail stores, mass merchants, catalog showrooms and warehouse clubs. Co. sells its products primarily in Asia, Europe, North America and Latin America.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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