HK Stock Market Move | SAMSONITE(01910) fell nearly 4% as third-quarter performance missed expectations. China Gold International downgraded the company's target price by 11%.

SAMSONITE (01910) fell nearly 4%, as of the time of writing, it fell 3.98%, to HK$18.32, with a turnover of HK$95.92 million. On the news front, CICC released a research report stating that SAMSONITE's net sales in the third quarter reached US$878 million, a year-on-year decrease of 6.8% at fixed exchange rates; adjusted EBITDA was US$155 million; and adjusted net profit was US$79.7 million. Performance did not meet expectations, mainly due to lower-than-expected performance in all regions, especially Asia and North America. The bank stated that it basically maintains its revenue forecast for SAMSONITE in 2024 and 2025 unchanged. Considering the lower-than-expected performance in Asia and North America and the negative impact of operating leverage, the net profit forecasts for 2024 and 2025 have been reduced by 16% and 12% to US$346 million and US$394 million. The target price has been lowered by 11% to HK$25.