HK-listed Samsonite at 3-month low as quarterly revenue misses forecast

Samsonite SA

16/05/2024 04:26

** Shares of luggage maker Samsonite International SA
 1910.HK  drop 14.2% to HK$24.75, their lowest since Feb 27 
    ** Stock posts biggest intraday pct drop since March 2022,
and is second-biggest pct loser in Hang Seng Composite Index
 .HSCI  
    ** Samsonite said Q1 net profit rose 12.3% YoY to $82.9 mln
with net sales up 0.9% YoY to $859.6 mln  
    ** Citi keeps "buy" rating on the stock, but cuts TP to
HK$36.3 from HK$36.8, citing that it cut Samsonite's sales
forecast after the luggage maker's 1Q24 revenue came below
expectations 
   ** Hang Seng Commerce & Industry Index  .HSNC  climbs 0.4%,
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both rise 1.1%
    ** Samsonite stock down 1.2% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))