Samsonite announced its 2022 annual results, with a 57% yoy increase in revenue to US$2.9b. Adjusted EBITDA was US$472m, up 159% yoy, driven by strong gross margins and lower fixed cost structure. Samsonite maintained a solid balance sheet with positive cash generation in 2022 despite rising advertising costs. Management is guiding for a low teens to 15% yoy revenue growth and a 17%+ EBITDA margin in 2023 through disciplined cost control and gross margin recovery.
KEY HIGHLIGHTS Economics Economic Activity Further policy support is needed to entrench the recovery. Initiate Coverage Haier Smart Home (6690 HK/BUY/HK$25.80/Target: HK$31.20) Leading household appliance player among one-stop solution providers. Results Nexteer (1316 HK/BUY/HK$4.61/Target: HK$7.50) 2H22: Results meet our estimates but miss consensus’. Maintain BUY. Target price: HK$7.50. Prudential (2378 HK/BUY/HK$108.80/Target: HK$141.90) 2022: Results below expectations, better recovery a...
GREATER CHINA Economics Economic Activity: Further policy support is needed to entrench the recovery. Initiate Coverage Haier Smart Home (6690 HK/BUY/HK$25.80/Target: Rmb31.20): Leading household appliance player among one-stop solution providers. Results Nexteer (1316 HK/BUY/HK$4.61/Target: HK$7.50): 2H22: Results met our estimates but missed consensus’. Maintain BUY. Target price: HK$7.50. Prudential (2378 HK/BUY/HK$108.80/Target: HK$141.90): 2022: Results below expectations, better recovery a...
A director at Sungrow Power Supply Co Ltd sold 37,500 shares at 93.440CNY and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two y...
The independent financial analyst theScreener just downgraded the general evaluation of SAMSONITE INTERNATIONAL (HK), active in the Clothing & Accessories industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at Dream International bought 2,686,000 shares at 3.000HKD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
Since domestic travel is showing strong recovery momentum with vaccination rates also on an increase, Samsonite is optimistic of seeing a sales recovery in 2H21 on the back of pent-up demand for luggage and further easing of border restrictions. It also expects positive EBITDA in 2021 from aggressive cost-cutting measures and margin improvement.
KEY HIGHLIGHTS Sector Property 13% upside in valuations compared with the previous upcycle in 2016. Update Weimob (2013 HK/BUY/HK$17.20/Target: HK$25.00) Dynamic ecosystem and KA strategy to drive long-term growth. Small/Mid Cap Highlights Samsonite (1910 HK/NOT RATED/HK$18.38) Further legs to recovery. TRADERS’ CORNER China Mengniu Dairy (2319 HK): Trading Buy Range: HK$46.75-46.80 Chow Tai Fook Jewellery (1929 HK): Trading Buy Range: HK$16.36-16.38
We’re expecting narrow-moat rated Samsonite’s earnings to remain weak following another price rise on its U.S. products. The company has raised its luggage prices in the U.S. by up to 10% in order to mitigate the additional 15% tariff imposed in June on China imports. We think this adds greater risk to its sales for the rest of 2019 and coupled with unrest in France and Hong Kong, and ongoing U.S.-China trade war tension, we believe weak consumer sentiment will hurt sales growth. While the c...
A director at Samsonite International S.A. bought 29,700 shares at 16.988HKD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
As we expect the U.S.-China Trade War to be prolonged, we lower our base-case assumptions to reflect lower sales and reduced operating margins. Our uncertainty rating is raised to very high from high and our fair value estimate is cut to HKD 27 from HKD 34. The adoption of IFRS 16, which adds around USD 200 million to amortization, lowers Samsonite’s reported operating profit but has no impact on our cash flow forecasts. Nonetheless, the combination of the accounting change and our reduced gro...
Samsonite’s revenue and earnings growth over the next five years is likely to be driven by its integration of Tumi, which was acquired in 2016, and eBags in 2017. Tumi gives Samsonite a meaningful presence in the premium to luxury end of the global luggage market. We expect Tumi, which has mainly been a U.S.-centric brand, to see growth from increased global sales points. However, eBags is being retooled into a stronger online platform for Samsonite group sales and not expected to contribute m...
Samsonite’s revenue and earnings growth over the next five years is likely to be driven by its integration of Tumi, which was acquired in 2016, and eBags in 2017. Tumi gives Samsonite a meaningful presence in the premium to luxury end of the global luggage market. We expect Tumi, which has mainly been a U.S.-centric brand, to see growth from increased global sales points. However, eBags is being retooled into a stronger online platform for Samsonite group sales and not expected to contribute m...
As we expect the U.S.-China Trade War to be prolonged, we lower our base-case assumptions to reflect lower sales and reduced operating margins. Our uncertainty rating is raised to very high from high and our fair value estimate is cut to HKD 27 from HKD 34. The adoption of IFRS 16, which adds around USD 200 million to amortization, lowers Samsonite’s reported operating profit but has no impact on our cash flow forecasts. Nonetheless, the combination of the accounting change and our reduced gro...
As we expect the U.S.-China Trade War to be prolonged, we lower our base-case assumptions to reflect lower sales and reduced operating margins. Our uncertainty rating is raised to very high from high and our fair value estimate is cut to HKD 27 from HKD 34. The adoption of IFRS 16, which adds around USD 200 million to amortization, lowers Samsonite’s reported operating profit but has no impact on our cash flow forecasts. Nonetheless, the combination of the accounting change and our reduced gro...
As we expect the U.S.-China Trade War to be prolonged, we lower our base-case assumptions to reflect lower sales and reduced operating margins. Our uncertainty rating is raised to very high from high and our fair value estimate is cut to HKD 27 from HKD 34. The adoption of IFRS 16, which adds around USD 200 million to amortization, lowers Samsonite’s reported operating profit but has no impact on our cash flow forecasts. Nonetheless, the combination of the accounting change and our reduced gro...
As we expect the U.S.-China Trade War to be prolonged, we lower our base-case assumptions to reflect lower sales and reduced operating margins. Our uncertainty rating is raised to very high from high and our fair value estimate is cut to HKD 27 from HKD 34. The adoption of IFRS 16, which adds around USD 200 million to amortization, lowers Samsonite’s reported operating profit but has no impact on our cash flow forecasts. Nonetheless, the combination of the accounting change and our reduced gro...
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