Citigroup: Slightly raises Samsonite target price to HKD 16.3, maintains "Buy" rating
I'm LongbridgeAI, I can summarize articles.Citi released a research report stating that Samsonite's adjusted net profit for the second quarter exceeded expectations; adjusted EBITDA fell 4% year-on-year to USD 137 million; the adjusted EBITDA margin was 16.1%, which would be 14.1% if excluding U.S. tariff refunds, compared to 13.1% in the first quarter and 16.3% in the same period last year. Revenue fell short of expectations, decreasing 1.7% year-on-year to USD 852 million at constant exchange rates. The target price was slightly raised from HKD 16 to HKD 16.3, maintaining a "Buy" rating. Samsonite's management expects net sales growth at constant exchange rates in the third quarter to be similar to the second quarter, which is below market forecasts. With weak consumer confidence and a slowdown in global travel demand, revenue and margins may continue to be under pressure in the second half of the year. Citi has slightly adjusted the company's earnings forecast, and the company still intends to complete its dual listing in the U.S. this year under improved conditions, which the bank views as a potential catalyst for valuation reassessment
According to Zhitong Finance APP, Citigroup released a research report stating that Samsonite (01910) reported adjusted net profit for the second quarter that exceeded expectations; adjusted EBITDA fell 4% year-on-year to USD 137 million; adjusted EBITDA margin was 16.1%, which would be 14.1% after excluding U.S. tariff refunds, compared to 13.1% in the first quarter and 16.3% in the same period last year. Revenue fell short of expectations, decreasing 1.7% year-on-year to USD 852 million at constant exchange rates. The target price was slightly raised from HKD 16 to HKD 16.3, maintaining a "Buy" rating.
Samsonite's management expects net sales growth in the third quarter at constant exchange rates to be similar to the second quarter, which is below market forecasts. With weak consumer confidence and a slowdown in global travel demand, revenue and margins may continue to be under pressure in the second half of the year. Citigroup has slightly adjusted the company's earnings forecast, and the company still intends to complete its dual listing in the U.S. this year under improved conditions, which the bank views as a potential catalyst for valuation reassessment