IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Event-Driven

<ul>
<li>Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-27/samsonite-is-said-to-consider-options-amid-takeover-interest" target="_blank" rel="noopener">reports</a> that <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> is drawing takeover interest from several PE firms which aim to relist Samsonite in the US to draw a higher valuation. </li>
<li>A standard takeover premium (around 30%) should be sufficient due to the shareholder register. There is no single large shareholder(s) to pose an issue to an offer. </li>
<li>The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite trades at an undemanding valuation. </li>
</ul>


Bloomberg reports that Samsonite (1910 HK) is drawing takeover interest from several PE firms which aim to relist Samsonite in the US to draw a higher valuation. 
A standard takeover premium (around 30%) should be sufficient due to the shareholder register. There is no single large shareholder(s) to pose an issue to an offer. 
The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite trades at an undemanding valuation. 


Samsonite (1910 HK): Evaluating a Potential Privatisation

External broker reports(aggregated public sources), IDBI Capital

IDBI Capital

External broker reports(aggregated public sources)

Equity Bottom-Up

Safari Industries India / Equity Bottom-Up

<p>Safari Industries reported better than expected Q1FY22 result. Its sales/ EBIDTA were significantly above our estimates. Safari Industries' net sales increased by 5x YoY to Rs1,202 mn on a very weak base of Q1FY21. Even EBIDTA improved to Rs71 mn compared to loss in Q1FY21 and interest cost fell 49% YoY to Rs10 mn. Hence, net profit improved to Rs25 mn (loss of Rs193 mn in Q1FY21), but fell 60% QoQ as restriction in travel affected not only top-line but also logistics costs.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Safari Industries reported better than expected Q1FY22 result. Its sales/ EBIDTA were significantly above our estimates. Safari Industries' net sales increased by 5x YoY to Rs1,202 mn on a very weak base of Q1FY21. Even EBIDTA improved to Rs71 mn compared to loss in Q1FY21 and interest cost fell 49% YoY to Rs10 mn. Hence, net profit improved to Rs25 mn (loss of Rs193 mn in Q1FY21), but fell 60% QoQ as restriction in travel affected not only top-line but also logistics costs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Safari Industries India Ltd. manufactures and sells travel goods.

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Safari Industries India (SII IN)

Samsonite (1910 HK): Evaluating a Potential Privatisation

The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite...

Arun George

Safari Industries: Q1FY22 Result Review

Safari Industries reported better than expected Q1FY22 result. Its sales/ EBIDTA were significantly above our estimates. Safari Industries' net...

IDBI Capital

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