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

Reuters05-16

** Shares of luggage maker Samsonite International SA

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

** 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 climbs 0.4%, while Hang Seng Composite Index and Hang Seng Index

both rise 1.1%

** Samsonite stock down 1.2% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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