Core Viewpoint - Cathay Securities maintains an "Accumulate" rating for Samsonite (01910), projecting net profit for 2025-2027 at $270 million, $300 million, and $340 million, reflecting year-on-year changes of -22.3%, +12.2%, and +11.6% respectively, with a target price of HKD 24.09 based on a 15X PE for 2026 [1] Group 1 - The company plans to advance its dual listing in the U.S. through American Depositary Shares (ADS), with the issuance authorization valid until the annual shareholders' meeting on June 4, 2026 [1] - The new shares will be issued at a discount of no more than 15% from the last closing price, and no more than 20% from the benchmark price [1] - Proceeds from the issuance will primarily be used for operational and capital expenditures, repaying existing debts, repurchasing ordinary shares, and funding potential acquisitions [1] Group 2 - The dual listing aims to enhance global trading liquidity, making it easier for U.S. and global investors to access the company's shares and create long-term value for shareholders [2] - The maximum limit for the new issuance is approximately 138 million shares, accounting for 9.97% of the total issued shares after excluding treasury stock [2] - Following the dual listing, the company plans to cancel approximately 79.31 million treasury shares, resulting in an estimated net dilution impact of about 4.0% after the cancellation [2] Group 3 - The company has appointed Thomas R. Pizzuti as the new Group CFO starting February 2, 2026, who previously worked at KPMG [3] - Luciano Severo Rodembusch will become the president of the TUMI brand around April 1, 2026, bringing extensive experience from his previous roles at Pandora and Tiffany & Co. [3] Group 4 - The company expects continued improvement in Q4 2025 performance, with all brands and regions showing growth compared to Q2 [4] - TUMI achieved positive growth across all regions, and despite a high base in Q4 2025, the company anticipates maintaining revenue growth year-on-year [4] - The company predicts a potential refresh cycle for luggage in 2026, with ongoing improvements in the Asia-Pacific and North American markets positively impacting profit margins [4]