Samsonite surges most in 7 months on robust annual results

Samsonite SA

16/03/2023 05:17

** Shares of luggages manufacturer and distributor Samsonite
International SA  1910.HK  surge as much as 6.8% to HK$22.70
    ** Stock on course for its biggest daily pct rise since Aug.
18, 2022 if gains hold
    ** Samsonite says 2022 net profit jumped 21 times to $312.7
mln YoY and net sales rose 52.3% to $2.88 bln
    ** Says net sales continued to show significant improvement
during the first two months of 2023, rising by 16.5% compared to
the same period in 2019, before the COVID-19 pandemic
    ** Daiwa reaffirms "buy" rating and lifts PT to HK$27.50
from HK$26, saying 2H sales in most regions largely recovered to
2019 levels and solid 4Q22 results reinforce its positive view
on Samsonite's near-term recovery trajectory
    ** Jefferies maintains "buy" and raises PT to HK$30.2 from
HK$28.04; says co's recovery trend has been encouraging with a
strong start in 2023 as sales momentum accelerates in Jan-Feb as
compared to 2019
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 1.2%, 
Hang Seng Composite Index  .HSCI  falls 1.3% and Hang Seng Index
 .HSI  declines 1.5%

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