Core Viewpoint - Citi has lowered the target price for Samsonite (01910) from HKD 22 to HKD 21, maintaining a price-to-earnings ratio of 13 times for the next 12 months, with a projected compound annual growth rate of 13.6% for net profit from 2025 to 2027 [1] Group 1: Financial Performance - For Q2 2025, Samsonite's fixed exchange rate sales decreased by 5.8% year-on-year, aligning with Citi's expectations, while reported sales fell by 4.8% due to favorable foreign exchange movements [1] - Citi anticipates a 6% decline in sales for the first half of the year, with a projected 4% decrease in sales for the second half, supported by foreign exchange fluctuations and price increases [1] - The management is expected to maintain stable gross margins for the second half of the year [1] Group 2: Profitability and Forecasts - The report predicts that adjusted EBITDA margin for the second half will increase by 20 basis points to 16.4% due to cost-saving measures [1] - Sales and gross margin forecasts for 2025 to 2027 remain largely unchanged, but net profit estimates have been reduced by 5% to 7% due to the impact of stock-based compensation on tax rates [1] Group 3: Management Guidance - Management has indicated that net sales for Q3 and the second half of the year will continue to improve, despite low visibility for Q4 [1] - Citi expects that non-US regions, foreign exchange, and price increases will support reported sales [1]
里昂：降新秀丽(01910)目标价至21港元 维持“高度确信跑赢大市”评级