Glonghui, May 17 | Bank of America Securities released a report stating that Samsonite's first-quarter revenue and adjusted EBITDA increased by 1% and 3% year-on-year respectively, which was lower than expected, mainly due to the high base in the first quarter of last year and the adverse effects of foreign exchange changes. The company lowered its sales growth guide for the whole year from the original forecast of 10% to 12% to a higher number of units. The bank lowered Samsonite's earnings estimates per share by 5% each for this year and next, from HK$36 to HK$35. It is expected that the company will re-establish a good growth momentum starting in the next quarter, mainly due to increased advertising efforts, growth in the Asian market driven by China/Japan, and the number of visitors to Europe during the summer. It is also estimated that most of the company's growth this year will be concentrated in the second half of the year, reaffirming its “buy” rating.