Samsonite International S.A. ($SAMSONITE 01910.HK$) took a steep nosedive, plummeting by 11.79% to HK$25.45 in the morning session, marking a new low since February 27 and experiencing a surge in trading volume to HK$440 million.

On May 14, Samsonite disclosed that net sales for the first quarter ending in March this year reached US$860 million, a 0.88% year-on-year increase. Profit surged to US$82.9 million, marking a 12.33% rise, with an earnings per share of $0.057.

In its latest research report, Jefferies stated that Samsonite's Q1 adjusted EBITDA and sales in the Eurasia region fell short of expectations. The firm lowered its net profit forecasts for the group by 2%, 3%, and 3% for the years 2024 to 2026, and also revised the target price from HK$36.3 to HK$34.4. For the second quarter, Jefferies forecasts the group's adjusted EBITDA to be US$185 million, with a profit margin of 19.4%, and sales growth of 6.3% in local currency, including 2.5%, 5.2%, 13%, and 18.2% growth in North America, Asia, Europe, and Latin America, respectively. For the full year, the firm anticipates the group's adjusted EBITDA to reach US$759 million with a 19.5% profit margin, up by 0.2 percentage points.