Group 1 - The core viewpoint of the report indicates that Samsonite (01910) experienced a 4.8% year-on-year decline in revenue for the second quarter, with adjusted EBITDA falling by 18.1%, both in line with Macquarie's expectations [1] - Management anticipates an improvement in sales for the third quarter; however, weak consumer sentiment continues to create uncertainty regarding future prospects [1] - The target price for the company has been raised from HKD 13.3 to HKD 14, maintaining a "Neutral" rating, as the company faces challenges in demand for the second half of the year [1] Group 2 - To address the impact of tariffs, the company has increased prices in the North American market and plans to adjust prices further based on new tariffs [1] - The company is preemptively procuring inventory for the North American market and negotiating with suppliers to mitigate currency exchange rate impacts [1] - In the medium term, the company will redesign products to control costs, leading to upward revisions in net profit forecasts for 2025 to 2027 by 2.1%, 3.7%, and 1.8% respectively [1]
麦格里：升新秀丽目标价至14港元 下半年需求仍具挑战