HK Stock Market Move | SAMSONITE (01910) fell more than 3% during the trading session. Macquarie expects its third quarter revenue to decline by 3% year-on-year and has lowered its target price.

SAMSONITE (01910) fell more than 3% during trading hours, as of the time of writing, it has fallen 2.17% to 18 Hong Kong dollars, with a turnover of 59.5196 million Hong Kong dollars. In terms of news, Macquarie released a research report stating that it is expected that SAMSONITE's revenue in the third quarter of this year will drop by 3% year-on-year due to the downward global consumption trend. It is believed that the gross profit margin in the third quarter will be negatively affected by unfavorable geographical and product mix, but good cash flow should allow the company to continue to reward shareholders and reduce leverage. The bank lowered SAMSONITE's adjusted net profit forecast for this year and next by 2.3% and 10.2% respectively, expecting sales and profits in the third quarter to be below expectations. The target price was lowered from 22 Hong Kong dollars to 19.7 Hong Kong dollars, equivalent to a forecasted P/E ratio for this year of 11 times, with a "neutral" rating.