sharky3| Macquarie: Lowering Samsonite target price to HK$43.9, first quarter results were mixed

Macquarie published a research report stating that Samsonite's first quarter performance was mixed. Revenue during the period increased by 4% year-on-yearsharky3.1%, 5% lower than forecast, but adjusted EBITDA margin was 18.8%, better than expectedsharky318.6%. The Group lowered its revenue growth guidance for this year from high single digits to low single digits. In addition, the group has hired consultants to prepare for a secondary listing, but it is still in the early stages and will update the situation in due course.

The bank lowered the group's annual adjusted net income forecast for 2024 to 26 by 2.4% to reflect the downward revision in expected revenue. The bank lowered its target price from HK$45 to HK$43.9, maintaining its "outperform" rating.

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