BUZZ-Samsonite rises most in 7 weeks after results, UBS lifts price

reuters11-14 11:52
BUZZ-Samsonite rises most in 7 weeks after results, UBS lifts price

** Shares of luggage maker Samsonite International SA 1910.HK rise 6.6% to HK$19.14, on course for the biggest one-day pct gain since Sept 26

** Stock hit the highest since Oct. 29

** Samsonite posts Q3 net income of $71.5 mln with Q3 sales at $877.7 mln and says co plans to continue share buybacks through remainder 2024 and into 2025

** UBS maintains "buy" rating on the stock and lifts price target to HK$28 from HK$27.9, saying inflection points might be in sight with improving trend in Q424E

** "We expect moderate positive share price reaction post results" - UBS

** Jefferies keeps "buy" rating given the inexpensive valuation and says recovery trend has been encouraging but it trims price target to HK$27.23 from HK$28.59 to reflect 3Q24's miss and still cautious 2025/26 outlook

** Hang Seng Commerce & Industry Index .HSNC declines 0.8%, Hang Seng Consumption Index .HSCGSI slips 0.3% and Hang Seng Index .HSI eases 0.6%

** Stock down 26.7% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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