Shares of Samsonite International S.A. (HKG:1910) climbed 5.29% on Monday, with the luggage maker's stock outperforming the broader market. The surge came amid news that the company repurchased over 1.6 million of its own shares from the market for around HK$33 million as part of its ongoing share buyback program.
Share buybacks are often viewed favorably by investors as a signal that a company's management believes its stock is undervalued and represents a good investment opportunity. By repurchasing shares, Samsonite is reducing the number of outstanding shares, thereby increasing the value of each remaining share.
However, analysts suggest that while the share buyback likely contributed to Monday's stock rally, other factors may have also played a role in boosting investor confidence in the luggage manufacturer. The company's strong financial performance, global expansion plans, or positive industry trends could have further fueled the stock's upward momentum.
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