Jefferies expects Samsonite (01910) to increase sales in local currency by 5.3% in the first quarter of this year.
The Zhitong Finance App learned that Jefferies released a research report saying that Samsonite (01910) is expected to have adjusted EBITDA of US$173 million for the first quarter of 2024, an increase of 11% over the previous year, and a profit margin of 1.2 percentage points to 19.5%. The bank offered a target price of HK$36.3, with a “buy” rating.
According to the bank, the company's sales in local currency are expected to increase by 5.3% in the first quarter of this year. Sales will be driven by Asia and Latin America, which will grow 11% and 14% in local currency, respectively, while sales in North America and Europe are expected to remain flat, growing 1%. Furthermore, the Group's gross margin is expected to increase by about 2 percentage points in the first quarter of this year. The marketing expenses ratio is expected to be 6.5%, an increase of 0.6 percentage points, while the sales expenses ratio will increase by 0.5 percentage points to 28%.