Investment Rating - The report assigns a "Buy" rating to Samsonite (01910) with a target price of HKD 24.8 [1] Core Insights - The report anticipates that the recent U.S. Supreme Court ruling on the legality of tariffs and subsequent adjustments will effectively reduce the tariff rate faced by Samsonite to a low single-digit percentage within the next five months [1] - It is expected that Samsonite's U.S. wholesale customers will take advantage of this window period to replenish inventory, which will drive revenue recovery in the U.S. market amid strong travel demand [1] - Concerns regarding a potential 15% discount on the issuance price and related share dilution have contributed to the stock's weakness since mid-February, overshadowing the potential for a valuation reassessment in line with global peers following the U.S. listing [1] - Positive indicators have been observed from the performance of global airlines, online travel agencies, hotels, and luxury goods companies, suggesting a favorable revenue trend for Samsonite [1] - Over the past seven quarters, Samsonite's revenue trend has shown a high correlation with LVMH [1]
新秀丽：美国双重上市估值重估潜力遭忽略，评级“买入”-20260303