Investor with primary focus on consumer sector

Vaibhav Saharan

Equity Bottom-Up

<p>Samsonite (1910 HK) has consistently generated low double digit organic sales growth since 1H13 (higher earlier) despite individual market variances (including China) but the pace is likely to slow to high single digits for the next one year, below the double digit long term target set by management. Together with the weak scenario for margin expansion, the company lacks short term growth catalysts. Nonetheless, Samsonite's dominant position in a favorable segment will be attractive at a forward…</p>

Samsonite (1910 HK) has consistently generated low double digit organic sales growth since 1H13 (higher earlier) despite individual market variances (including China) but the pace is likely to slow to high single digits for the next one year, below the double digit long term target set by management. Together with the weak scenario for margin expansion, the company lacks short term growth catalysts. Nonetheless, Samsonite's dominant position in a favorable segment will be attractive at a forward…

Samsonite: Rolling into Short Term Bumps After Bag-Ging Years of Impressively Consistent Growth