Core Viewpoint - Citigroup's research report indicates that Samsonite's Q3 performance largely met expectations, with adjusted EBITDA declining by 7.7% year-on-year to $143 million, while revenue at constant exchange rates saw a narrower decline of 1.3% to $872.7 million [1] Group 1: Financial Performance - Adjusted EBITDA for Q3 decreased by 7.7% year-on-year to $143 million [1] - Revenue at constant exchange rates fell by 1.3% year-on-year to $872.7 million [1] - The quarterly improvement was primarily driven by the TUMI brand and the Asia region [1] Group 2: Future Outlook - Management anticipates that despite a high base in Q3, sales growth is expected to improve quarter-on-quarter in Q4 due to robust global travel demand, new product launches, and marketing activities [1] - Consumers typically replace their products every 3 to 4 years, with a new replacement cycle expected to begin in 2026 [1] Group 3: Strategic Initiatives - The company is continuing preparations for a U.S. listing, aiming for completion in 2026 if market conditions are favorable, which could act as a catalyst for valuation re-rating [1] - Citigroup has set a target price of HKD 19.7 and maintains a "Buy" rating on the stock [1]
大行评级丨花旗：新秀丽第三季业绩大致符合预期 评级“买入”