Core Viewpoint - Samsonite is seeking shareholder approval for a dual listing of shares in the U.S. through American Depositary Shares (ADS), which is expected to enhance accessibility for U.S. and global investors [1] Group 1: Company Actions - Samsonite's proposed dual listing will allow for the issuance of new shares, with the authorization valid until the annual general meeting on June 4, 2026 [1] - The new shares will be priced at a discount of no more than 15% to the last closing price and will not be discounted by 20% or more from the benchmark price [1] - The maximum limit for the new issuance is approximately 138 million shares, representing 9.97% of the total issued shares after excluding treasury shares [1] Group 2: Financial Implications - The funds raised from the new share issuance will primarily be used for operational and capital expenditures, debt repayment, share buybacks, and potential acquisitions [1] - Following the dual listing, the company plans to cancel approximately 79.31 million treasury shares, resulting in an estimated net dilution effect of about 4.0% after accounting for the cancellation [1] Group 3: Market Reaction - Following the announcement, Samsonite's stock price increased by over 4%, reaching HKD 19.44, with a trading volume of HKD 42.77 million [1]

Samsonite Group S.A. 新秀麗集團有限公司 股份有限公司 2026年 2月 5日之註冊成立章程細則 （本公司組織章程細則應以英文本為準，任何中文譯本不得更改或影響其解釋） 1. 詮釋 | 1.1. | 本章程細則的頁邊註釋不會影響章程細則的詮釋。於本章程細則中，除標題或 | | --- | --- | | | 文義另有註明： | | 「章程細則」 | 指 | 本公司現時的組織章程細則及當時有效的 | | --- | --- | --- | | | | 所有補充、經修訂或替代章程細則； | | 「聯繫人」 | 指 | 就任何董事而言，具有上市規則所賦予之 | | | | 涵義； | | 「董事會」 | 指 | 董事會； | | 「營業日」 | 指 | 盧森堡、美國或香港商業及金融市場開門 | | | | 進行買賣的任何日子； | | 「主席」 | 指 | 不時主持任何股東大會或董事會會議的主 | | | | 席； | | 「公司條例」 | 指 | 不時修訂的公司條例（香港法例第 章）； 32 | | 「本公司」 | 指 | 新秀麗集團有限公司，乃受盧森堡大公國 法律規管的股份有限公司，其註冊辦 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company has disclosed details regarding its dual listing in the US, aiming to enhance global trading liquidity. The recent appointments of the CFO and TUMI President are expected to positively impact performance, with Q4 2025 results anticipated to continue the improvement trend seen in Q3 [2][9] - The company plans to issue American Depositary Shares (ADS) for its dual listing, with the issuance period lasting until the end of the shareholders' annual meeting on June 4, 2026. The new shares will be priced at a discount of no more than 15% from the last closing price [9] - The company expects to see a recovery in valuation due to the dual listing and anticipates that Q4 2025 will show year-on-year revenue growth, particularly in the Indian and Chinese markets, while North America is expected to see a reduced decline compared to Q3 [9] Financial Summary - Total revenue projections (in million USD) for 2024A, 2025E, 2026E, and 2027E are 3589, 3481, 3651, and 3824 respectively, with year-on-year changes of -2.5%, -3.0%, +4.9%, and +4.7% [4] - Gross profit is projected to be 2152, 2074, 2187, and 2298 million USD for the same years, with corresponding changes of -3.6%, -3.6%, +5.5%, and +5.1% [4] - Net profit attributable to the parent company is expected to be 346, 268, 301, and 336 million USD, reflecting year-on-year changes of -17.1%, -22.3%, +12.2%, and +11.6% [4] - The company is projected to have a PE ratio of 10.56, 13.60, 12.12, and 10.86 for the years 2024A, 2025E, 2026E, and 2027E respectively [4] Market Data - The current stock price is 19.96 HKD, with a market capitalization of 29,266 million HKD and a total share count of 1,466 million [6]

Group 1 - The core viewpoint of the report indicates that overall consumption in mainland China remains positive, with strong tourism activity, while cross-border travel is expected to increase by approximately 14% year-on-year in daily passenger flow [1] - Hainan's duty-free store consumption shows resilience due to stronger promotional activities and policy-driven demand, although this has largely been reflected in the stock price of China Duty Free Group (601888) [1] - The film box office performance is weak, reaching the lowest level in eight years, indicating challenges in the entertainment sector [1] Group 2 - Channel surveys by the firm reveal that gold and jewelry sales are under pressure due to fluctuations in gold prices, while some luxury brands have performed strongly year-to-date [1] - The firm anticipates that the upcoming Spring Festival data will likely reflect strong travel and tourism, with high-end consumption performing well, benefiting preferred stocks such as Samsonite (01910), LVMH, Richemont, and Anta Sports (02020) [1]

Core Viewpoint - The report from Credit Lyonnais indicates that while awaiting data from the Ministry of Culture and Tourism regarding the Spring Festival, overall consumer sentiment in mainland China remains positive, with strong tourism activity observed [1] Group 1: Consumer and Tourism Trends - The average daily cross-border passenger flow is expected to increase by approximately 14% year-on-year, according to the National Immigration Administration [1] - Hainan's duty-free store consumption remains resilient due to stronger promotional activities and policy-driven demand, although this has largely been reflected in the stock price of China Duty Free Group (01880, 601888.SH) [1] Group 2: Box Office and Luxury Goods - Movie box office performance has been weak, reaching the lowest level in eight years [1] - Sales of gold and jewelry continue to face pressure due to fluctuations in gold prices, while some luxury brands have performed strongly year-to-date [1] Group 3: Investment Recommendations - Credit Lyonnais believes that the Spring Festival data will likely reflect strong travel and tourism, with good performance in high-end consumption, benefiting preferred stocks such as Samsonite (01910), luxury giant LVMH, Richemont (the parent company of Cartier), and Anta Sports (02020), which is related to domestic demand [1]

Group 1 - The core viewpoint of the report indicates that overall consumption during the Spring Festival in mainland China remains positive, with strong travel activity observed [1] - The National Immigration Administration projects an average daily cross-border passenger flow increase of approximately 14% year-on-year [1] - Hainan's duty-free store consumption shows resilience due to stronger promotional activities and policy-driven demand, although this has largely been reflected in the stock price of China Duty Free Group [1] Group 2 - The film box office performance has been weak, reaching the lowest level in eight years [1] - Channel surveys by the firm reveal that gold and jewelry sales are under pressure due to fluctuations in gold prices, while some luxury brands have performed strongly year-to-date [1] - The report suggests that strong data related to travel and tourism, along with good performance in high-end consumption, will benefit the firm's preferred stocks, including Samsonite, LVMH, Richemont (parent company of Cartier), and Anta Sports, which is related to domestic demand [1]

Group 1 - The company, Samsonite (01910.HK), announced on February 13 that it is seeking to pursue a dual listing on the US stock exchange, potentially issuing American Depositary Shares (ADS) based on a fixed number of shares [2] - The board anticipates that the dual listing may involve issuing new shares, subject to global market conditions and other factors [2] - The company is seeking shareholder approval for the issuance of shares related to the dual listing, ensuring that the dilution does not exceed the level approved by shareholders at the 2025 annual general meeting [2] Group 2 - The current stock price of Samsonite is HK$20.34, reflecting an increase of 2.31% [3] - The stock has a market capitalization of HK$282.10 billion, with a total share count of 1.387 billion [3] - The stock's 52-week high is HK$23.60, while the 52-week low is HK$12.76, indicating a significant price range over the past year [3]

Group 1 - Macquarie maintains an "Outperform" rating for Samsonite (1910.HK) with a target price of HKD 29 [1] - Samsonite announced details of its proposed dual listing in the United States, expected to be conducted in the form of American Depositary Shares (ADS) [1] - The net proceeds from the listing will be allocated for working capital and general corporate purposes, including operational and capital expenditures, debt repayment, and funding for potential acquisitions [1]

Group 1 - The core viewpoint of the article is that Macquarie maintains a "Outperform" rating for Samsonite (01910) with a target price of HKD 29 [1] - Samsonite plans to dual-list in the United States through American Depositary Shares (ADS), with net proceeds allocated for working capital, general corporate purposes, debt repayment, and potential acquisitions [1] - The company is expected to enter a new phase of business, including management changes, and is seen as being at a turning point [1] Group 2 - Revenue and adjusted net profit are projected to reverse their decline by Q4 2025, with year-on-year growth of 0.4% and 6.2% respectively [1] - The end of the industry destocking cycle and the initiation of a luggage replacement cycle are anticipated to lead to double-digit profit growth for the company over the next two years [1]

Group 1 - The core viewpoint of the report is that Macquarie maintains a "Outperform" rating for Samsonite (01910) with a target price of HKD 29 [1] - Samsonite plans to dual-list in the United States through American Depositary Shares (ADS), with net proceeds allocated for working capital and general corporate purposes, including operational and capital expenditures, debt repayment, and potential acquisitions [1] - The company is expected to hold a shareholder meeting on March 19, 2026, to approve the aforementioned matters [1] Group 2 - The company is entering a new phase, including management changes, indicating a potential turning point [1] - Revenue and adjusted net profit are projected to reverse their decline in Q4 2025, with expected year-on-year growth of 0.4% and 6.2%, respectively [1] - With the industry inventory destocking cycle largely ending and the luggage replacement cycle beginning, the company is anticipated to enter a period of double-digit profit growth over the next two years [1]