HK-listed Samsonite hits over 3-year high on strong H1

Samsonite SA

18/08/2022 04:19

** Shares of luggage maker Samsonite International SA
 1910.HK  jump as much as 15.5% to HK$20.60, their highest since
May 2019 and on course to snap two consecutive sessions of
decline
    ** Stock set for the biggest daily pct gain since March 17
if gains hold; the biggest pct gainer in the Hang Seng Composite
Index  .HSCI  
    ** Samsonite posts a 58.9% year-on-year rise in net sales to
$1.27 bln for first half of 2022, with net profit amounting to 
$56.3 mln as compared to a net loss of $142.5 mln in H1 2021
 urn:newsml:reuters.com:*:nFWN2ZT345
    ** Daiwa reiterates "buy" rating on the stock and lifts TP
to HK$22.5 from HK$21.5, saying 2Q22 review pointing to a likely
stronger 3Q22 
    ** Daiwa lifts Samsonite's 2022-24E earnings forecast on
more upbeat revenue growth and gross margin assumptions, saying
revenge travel is likely to lead to an upside surprise in 2H22
    ** The Hang Seng consumer goods and services index  .HSCGSI 
falls 1%, while Hang Seng Composite Index  .HSCI  and the
benchmark Hang Seng Index  .HSI  both slip 0.6%
    ** As of last close, the stock had surged 12.6% this year

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