Core Viewpoint - The report from Daiwa indicates that due to a low base effect, the expected revenue decline for Samsonite in Q3 will narrow to 1.4%, aligning with management guidance [1] Financial Performance - The adjusted EBITDA margin is expected to remain under pressure due to regional structural changes and operational deleveraging, with projected Q3 gross margin and adjusted EBITDA margin decreasing by 0.7 and 0.6 percentage points year-on-year, reaching 58.6% and 17% respectively [1] Future Outlook - The dual listing plan in the U.S. is believed to be progressing, but it may not be realized until mid-2026 at the earliest [1] - The earnings per share forecast for 2025 has been lowered by 2%, while the forecast for 2026 has been raised by 3% due to potentially stronger recoveries in the Asian and North American markets [1] - A stronger recovery is anticipated in 2026 supported by ongoing global travel demand, leading to a slight increase in the target price from HKD 15 to HKD 16, while maintaining a "Hold" rating due to a lack of catalysts and low visibility [1]
大行评级丨大和：微升新秀丽目标价至16港元 目前缺乏催化剂且能见度仍然偏低