Notes from the Silk Road: Xtep Int’l Holdings (1368 HK): Should We Continue to Step Away?

Notes from the Silk Road: Xtep Int’l Holdings (1368 HK): Q4 2019 Update - Is There Pricing Risk?

Samsonite International's FVE Upgraded to HKD 39 Per Share; Shares Are Undervalued

Raising Samsonite's FVE to HKD 40.50 on Lower U.S. Tax Rate

Risk from Samsonite’s Skeletons Priced In, but Cloud of Suspicion May Linger

Leading Independent Investment Research, Morningstar, Inc.

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Equity Bottom-Up

<p>We maintain our fair value estimate of HKD 40.50 on Samsonite following its detailed rebuttal to short seller Blue Orca's accusations of accounting transgressions. We think the key Tumi-related inventory and accounts payables accusations have been addressed reasonably. In addition, Samsonite also clarified on its Indian accountant changes. However, CEO Ramesh Tainwala has stepped down and will be replaced by CFO Kyle Gendreau. We think this is a positive move in addressing perceived conflicts of…</p>

We maintain our fair value estimate of HKD 40.50 on Samsonite following its detailed rebuttal to short seller Blue Orca's accusations of accounting transgressions. We think the key Tumi-related inventory and accounts payables accusations have been addressed reasonably. In addition, Samsonite also clarified on its Indian accountant changes. However, CEO Ramesh Tainwala has stepped down and will be replaced by CFO Kyle Gendreau. We think this is a positive move in addressing perceived conflicts of…

Samsonite's Rebuttal Clears Up Accounting Concerns but CEO Tainwala Steps Down