Group 1 - The core viewpoint of the report is that Macquarie maintains a "Outperform" rating for Samsonite (01910) with a target price of HKD 29 [1] - Samsonite plans to dual-list in the United States through American Depositary Shares (ADS), with net proceeds allocated for working capital and general corporate purposes, including operational and capital expenditures, debt repayment, and potential acquisitions [1] - The company is expected to hold a shareholder meeting on March 19, 2026, to approve the aforementioned matters [1] Group 2 - The company is entering a new phase, including management changes, indicating a potential turning point [1] - Revenue and adjusted net profit are projected to reverse their decline in Q4 2025, with expected year-on-year growth of 0.4% and 6.2%, respectively [1] - With the industry inventory destocking cycle largely ending and the luggage replacement cycle beginning, the company is anticipated to enter a period of double-digit profit growth over the next two years [1]
麦格理：新秀丽迈向双重上市 料第四季业绩扭转跌势 维持“跑赢大市”评级