HK Stock Market Move | Samsonite (01910) once rose more than 6%, with net profit in the third quarter decreasing by 39.1% year-on-year. UBS suggests that the company may be at a turning point.

Samsonite (01910) once rose more than 6%, but as of press time, it has risen by 4.23% to 18.72 Hong Kong dollars, with a turnover of 304 million Hong Kong dollars. On the news front, Samsonite released its financial results for the third quarter of 2024. For the three months ending September 30, 2024, the net sales amounted to 878 million US dollars, a decrease of 8.3% year-on-year (6.8% decrease based on constant exchange rates). This was attributed to weaker-than-expected consumer confidence globally, as well as intensifying promotional environments in various markets (especially in India). The net profit attributable to equity holders was 66.20 million US dollars, a decrease of 42.50 million US dollars or 39.1% year-on-year (34.2% decrease based on constant exchange rates). UBS research report pointed out that the company's third quarter performance did not meet expectations but there may be a turning point, and raised its target price to 28 Hong Kong dollars.