Core Viewpoint - The company reported better-than-expected Q3 2025 results, driven by strong performance from the China and TUMI brands [1] Financial Performance - Q3 2025 net sales reached $873 million, a year-on-year decrease of 1.3% at constant exchange rates [1] - Adjusted EBITDA was $143 million, with an adjusted EBITDA margin of 16.3%, down from 17.6% in the same period last year [1] - Adjusted net profit was $63.6 million, compared to $79.7 million in the previous year [1] Growth Trends - Management anticipates a long-term global passenger travel growth rate of approximately 4% from 2024 to 2029, benefiting from sustained travel demand [1] - The company is expected to gain from the replacement cycle of luggage purchases following the rebound in travel from 2021 to 2023 [1] - Sales need to grow over 5% to achieve operational leverage release, with advertising expenses projected to remain at 6-6.5% of sales [1] Shareholder Returns - The dividend payout ratio is maintained at 40%, with a stock buyback plan to be finalized by the board in early 2026 [1] - The company plans to complete a dual listing in the U.S. by 2026, depending on market conditions [1] Earnings Forecast and Valuation - Due to stronger-than-expected recovery in Asia and the upcoming Q4 2025 shopping season, revenue and net profit forecasts for 2025 have been raised by 3% and 12% to $3.513 billion and $302 million, respectively [1] - For 2026, revenue and net profit forecasts have been increased by 3% and 8% to $3.753 billion and $342 million, respectively [1] - The target price has been raised by 20% to HKD 24, indicating a 44% upside based on a 13x 2026 P/E ratio [1]

Group 1 - T. Rowe Price Associates, Inc. and its Affiliates increased their stake in Samsonite International S.A. (01910) by acquiring 2.8974 million shares at an average price of HKD 16.814 per share, totaling approximately HKD 48.7169 million [1] - Following this acquisition, T. Rowe Price's total shareholding in Samsonite is approximately 111 million shares, representing a holding percentage of 8.02% [1]

Core Viewpoint - Daiwa's report indicates that Samsonite (01910) performed better than expected in Q3, with a revenue decline of 0.6% year-on-year to $873 million, surpassing Daiwa's forecast of $865 million and market expectations of $861 million [1] Financial Performance - Revenue for Q3 decreased by 0.6% year-on-year to $873 million [1] - Gross margin improved by 0.3 percentage points year-on-year to 59.6%, significantly exceeding expectations [1] - Net profit for Q3 was $59 million, slightly above Daiwa's forecast of $57 million but below market expectations of $62 million [1] Analyst Rating - Daiwa maintains a "Hold" rating on Samsonite [1]

Core Viewpoint - Daito's report indicates that Samsonite (01910) performed better than expected in Q3, with a revenue decline of 0.6% year-on-year to $873 million, surpassing the firm's forecast of $865 million and market expectations of $861 million [1] Financial Performance - Revenue for Q3 decreased by 0.6% year-on-year to $873 million [1] - The company's gross margin improved by 0.3 percentage points to 59.6%, significantly exceeding expectations [1] - Net profit for Q3 was recorded at $59 million, slightly above the firm's forecast of $57 million but below market expectations of $62 million [1] Analyst Rating - Daito maintains a "Hold" rating on Samsonite [1]

Core Viewpoint - The report from Citigroup indicates that Samsonite's third-quarter sales amounted to $873 million, reflecting a year-over-year decline of 1.3% when adjusted for constant currency, although all regions and brands showed signs of sequential improvement [1] Group 1: Financial Performance - Samsonite's management expresses confidence in sequential improvement for the fourth quarter, despite noting a high comparison base for December [1] - Citigroup forecasts a 0.2% year-over-year decline in group sales for the fourth quarter, with an overall sales decline of 3% for the full year [1] Group 2: Profitability Outlook - For fiscal year 2025, Citigroup predicts an adjusted EBITDA margin of 16.4%, a decrease of 2.7 percentage points year-over-year [1] - The firm anticipates a recovery in the margin to 17.1% for fiscal year 2026 [1] Group 3: Target Price Adjustment - Based on improved outlook for the second half of 2025, Citigroup raises Samsonite's target price from HKD 21 to HKD 22 and reaffirms a "highly confident outperform" rating [1]

Core Viewpoint - Citibank's report indicates that Samsonite's Q3 sales reached $873 million, reflecting a year-on-year decline of 1.3% when adjusted for constant currency, although all regions and brands showed sequential improvement [1] Group 1: Sales Performance - Sales turned positive from August to October, maintaining a stable trend from November to the present [1] - The management expresses confidence in sequential improvement for Q4, but notes that December has a high comparative base [1] Group 2: Financial Forecast - Citibank anticipates a 0.2% year-on-year decline in group sales for Q4, with an overall annual sales decline of 3% [1] - The forecast for adjusted EBITDA margin is 16.4% for FY2025, a decrease of 2.7 percentage points year-on-year, with a recovery to 17.1% in FY2026 and a sales growth of 3% year-on-year [1] Group 3: Target Price Adjustment - Based on improved outlook for the second half of 2025, Citibank raises its target price from HKD 21 to HKD 22, reiterating a "highly confident outperform" rating [1]

Core Viewpoint - Citigroup's research report indicates that Samsonite's Q3 performance largely met expectations, with adjusted EBITDA declining by 7.7% year-on-year to $143 million, while revenue at constant exchange rates saw a narrower decline of 1.3% to $872.7 million [1] Group 1: Financial Performance - Adjusted EBITDA for Q3 decreased by 7.7% year-on-year to $143 million [1] - Revenue at constant exchange rates fell by 1.3% year-on-year to $872.7 million [1] - The quarterly improvement was primarily driven by the TUMI brand and the Asia region [1] Group 2: Future Outlook - Management anticipates that despite a high base in Q3, sales growth is expected to improve quarter-on-quarter in Q4 due to robust global travel demand, new product launches, and marketing activities [1] - Consumers typically replace their products every 3 to 4 years, with a new replacement cycle expected to begin in 2026 [1] Group 3: Strategic Initiatives - The company is continuing preparations for a U.S. listing, aiming for completion in 2026 if market conditions are favorable, which could act as a catalyst for valuation re-rating [1] - Citigroup has set a target price of HKD 19.7 and maintains a "Buy" rating on the stock [1]

Core Viewpoint - The report from CICC indicates that Samsonite's Q3 net sales reached $873 million, reflecting a year-on-year decline of 1.3% at constant exchange rates. Adjusted EBITDA was $143 million, and adjusted net profit was $63.6 million, down from $79.7 million in the same period last year [1] Group 1: Financial Performance - Samsonite's Q3 net sales were $873 million, a 1.3% year-on-year decline at constant exchange rates [1] - Adjusted EBITDA for the quarter was $143 million [1] - Adjusted net profit was $63.6 million, compared to $79.7 million in the previous year [1] Group 2: Future Projections - The company is experiencing an unexpected recovery in Asia, prompting an upward revision of revenue and net profit forecasts for 2025 by 3% and 12%, respectively, to $3.513 billion and $302 million [1] - Due to the strong performance of the Tumi business and direct sales channels, as well as improved operating leverage, forecasts for 2026 revenue and net profit have been raised by 3% and 8%, respectively, to $3.753 billion and $342 million [1] Group 3: Rating and Target Price - CICC maintains a "outperform" rating for Samsonite, considering the steady trend of sales rebound [1] - The target price has been increased by 20% to HKD 24 [1]

Investment Rating - The report maintains a positive outlook for Samsonite, indicating a potential recovery in sales and profitability, with expectations for mid-single-digit revenue growth trajectory around 2026 [2][19]. Core Insights - In 3Q25, Samsonite's net sales declined by 1.3% year-on-year, a significant improvement from the 5.8% decline in 2Q25, driven by recovery in DTC and non-travel businesses [2][12]. - The gross margin for 3Q25 reached 59.6%, up 30 basis points from the previous year, indicating effective cost management despite tariff pressures [3][13]. - The company completed a core debt refinancing, enhancing liquidity and financial flexibility, with net debt at approximately $1.2 billion and a net leverage ratio of around 2x [4][14]. - DTC channel sales increased by 3.5% year-on-year, with e-commerce growing over 10%, reflecting a shift towards direct-to-consumer sales [5][15]. - TUMI brand showed strong performance with a 5.0% year-on-year revenue increase in 3Q25, contributing positively to the overall group revenue [6][16]. Summary by Sections Financial Performance - 3Q25 net sales were $1.1 billion, with a notable recovery in various regions, excluding North America, which remained under pressure [2][12]. - The company expects further sales improvement in 4Q25, supported by strong October sales and positive holiday season momentum [19]. Cost Management - Gross margin improvements were achieved through supplier collaboration and product optimization, with expectations for continued strong performance into 4Q25 [3][13]. - Operating expenses increased slightly due to prior expansions, with SG&A expenses at $339 million, up 5.1% year-on-year [3][13]. Debt and Liquidity - The company successfully restructured its core debt, extending maturity dates and reducing funding costs, which enhances financial resilience [4][14]. Sales Channels - The DTC channel's revenue share increased from 38.9% to 42%, indicating a strategic shift towards direct sales [5][15]. - The wholesale channel faced challenges, but growth in third-party e-commerce helped mitigate some of the declines [5][15]. Brand Performance - Samsonite brand revenue declined by 4.1% year-on-year, while TUMI and American Tourister showed signs of recovery, with TUMI achieving a 5.0% increase [6][16][18].

Core Viewpoint - Samsonite (01910.HK) opened nearly 15% higher and is currently up 14.99%, trading at HKD 19.18 with a transaction volume of HKD 22.9738 million [1] Group 1 - Samsonite's stock price experienced a significant increase of 14.99% [1] - The opening price surged close to 15% [1] - The current trading volume reached HKD 22.9738 million [1]