Core Viewpoint - The report from Jefferies indicates that Samsonite (01910) plans to complete a dual listing in the United States by 2026, which is expected to enhance shareholder value [1] Shareholder Returns - The company has completed a share buyback of $200 million and anticipates that shareholder returns next year will include dividends and further share repurchases [1] - Jefferies has raised the target price for Samsonite from HKD 22 to HKD 23.24 while maintaining a "Buy" rating [1] Financial Performance Expectations - Jefferies forecasts that Samsonite will record a net profit of $117 million in Q4 2025, representing a 9% year-on-year decline, with a profit margin of 18.5% and a sales growth of 1.4% [1] - It is expected that the Asian market will recover to positive growth, shifting from a 0.3% decline in Q3 to a 1.2% increase in Q4 [1] Management Outlook - The management of Samsonite expressed confidence in the outlook for 2026, citing the ongoing luggage replacement cycle and significant growth potential in non-travel product categories across regions and channels [1]
富瑞：升新秀丽目标价至23.24港元 料第四季销售额微增