Core Viewpoint - Morgan Stanley forecasts a significant valuation re-rating for Samsonite (01910) driven by a positive outlook for Q4, with sales growth turning positive from August to October [1] Group 1: Sales and Market Performance - Sales growth from August to October has turned positive, indicating a recovery in demand [1] - In October, US airline passenger volume increased by approximately 4%, marking the highest growth rate of the year [1] Group 2: Financial Outlook and Ratings - Despite a high wholesale base for Q4 2024, management remains optimistic about future performance [1] - Morgan Stanley maintains an "Overweight" rating on the stock with a target price of HKD 24 [1] Group 3: Profitability and Challenges - The gross margin remained strong in Q3 despite weak demand and tariff impacts, with improvements in supply chain and product management [1] - The group's performance decline began in Q2 and Q3 of 2024, influenced by inflation and a reversal in travel trends [1] - The third quarter of 2025 may signal the beginning of a new cycle for the company [1]
大摩：料新秀丽(01910)将出现显著估值重估 目标价24港元