Core Viewpoint - Daiwa has raised its earnings per share forecast for Samsonite from 7% to 16% for the years 2023 to 2027, citing changes in the product mix leading to more resilient gross margins and a gradual increase in market spending [1] Group 1 - The potential for a new revenue growth cycle and the possibility of a U.S. listing could attract more global investors [1] - The target price for next year, based on a forecasted price-to-earnings ratio of 13 times, is considered realistically achievable [1] Group 2 - Daiwa has increased its target price for Samsonite from HKD 16 to HKD 25 [1] - The investment rating has been upgraded from "Hold" to "Buy" [1]

Core Viewpoint - Goldman Sachs has raised its adjusted net profit forecast for Samsonite (01910) for the years 2023 to 2027 by 5% to 8%, and increased the target price from HKD 20.9 to HKD 22, maintaining a "Buy" rating [1] Group 1: Financial Performance - Samsonite's stock price has fluctuated over the past three months, but the better-than-expected third-quarter performance and the management's positive outlook are expected to boost short-term stock sentiment [1] - The management's latest conference call reflects a more optimistic view on business prospects compared to the August earnings call, anticipating improved net sales growth in the fourth quarter driven by new product launches in September and increased advertising activities before the peak season [1] Group 2: Future Catalysts - Potential dual listing in the U.S. next year and share buybacks to mitigate dilution effects are seen as catalysts for further valuation reassessment of the stock [1]

Core Viewpoint - UBS reports that Samsonite (01910) appears to be oversold, with a short position of $206 million in the US last month, covering a record high of 28.5 days [1] Group 1: Financial Performance - UBS expects an upward revision of profit forecasts and a re-evaluation of the price-to-earnings ratio as the economic cycle turns and positive catalysts emerge [1] - The company’s revenue is regaining momentum, with the impact of US tariffs appearing to be milder than expected [1] - The adjusted EBITDA for the company is projected to grow by 8% year-on-year next year, benefiting from a 5% revenue growth and operational leverage [1] Group 2: Valuation and Market Position - UBS has raised its target price for Samsonite from HKD 17.4 to HKD 24.1 and upgraded its rating from "Neutral" to "Buy" [1] - Improved operational performance is expected to enhance the visibility of the company's secondary listing in the US, potentially driving a re-evaluation of its price-to-earnings ratio [1] - As the investor base expands, the valuation of Samsonite is anticipated to align more closely with global industry levels in the medium to long term [1]

Core Viewpoint - UBS reports that Samsonite (01910) appears to be oversold, with a significant short position of $206 million in the U.S. and a record coverage period of 28.5 days, indicating potential for a positive turnaround in earnings forecasts and valuation reassessment [1] Group 1: Financial Performance - UBS has raised its target price for Samsonite from HKD 17.4 to HKD 24.1, upgrading the rating from "Neutral" to "Buy" [1] - The company’s revenue is regaining momentum, with the impact of U.S. tariffs appearing to be milder than expected [1] - The adjusted EBITDA for the company is projected to grow by 8% year-on-year next year, benefiting from a 5% revenue growth and operational leverage [1] Group 2: Market Outlook - Improved operational performance is expected to enhance the visibility of the company's secondary listing in the U.S., potentially driving a reassessment of its valuation [1] - As the investor base expands, Samsonite's valuation is anticipated to align more closely with global industry peers in the medium to long term [1]

Core Viewpoint - UBS report indicates that Samsonite's revenue is regaining momentum, with the impact of U.S. tariffs appearing to be milder than expected, while the company has multiple levers to mitigate tariff impacts [1] Group 1: Financial Performance - The firm expects adjusted EBITDA for the company to recover growth next year, increasing by 8% year-on-year, driven by a 5% revenue growth and operational leverage [1] Group 2: Market Position and Valuation - Improved operational performance is expected to enhance the visibility of the company's secondary listing in the U.S., potentially driving a re-evaluation of its price-to-earnings ratio as the investor base expands [1] - The valuation of Samsonite is anticipated to align more closely with global peers in the medium to long term [1] Group 3: Target Price and Rating - UBS has raised its target price for Samsonite from HKD 17.4 to HKD 24.1 and upgraded its rating from "Neutral" to "Buy" [1]

Group 1 - T. Rowe Price Associates, Inc. and its Affiliates increased their stake in Samsonite International S.A. (01910.HK) by purchasing 2,897,400 shares at an average price of HKD 16.814 per share, totaling approximately HKD 48.72 million [1] - Following this transaction, T. Rowe Price's total shareholding in Samsonite rose to 111,011,100 shares, increasing their ownership percentage from 7.81% to 8.02% [1]

Group 1 - T. Rowe Price Associates, Inc. and its Affiliates increased their stake in Samsonite International S.A. (01910.HK) by purchasing 2.8974 million shares at an average price of HKD 16.814 per share, totaling approximately HKD 48.7169 million [1] - Following the acquisition, T. Rowe Price's total shareholding in Samsonite rose to 111,011,100 shares, increasing their ownership percentage from 7.81% to 8.02% [1][2]

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]