Core Viewpoint - Morgan Stanley's report indicates that Samsonite's sales have turned to positive growth from August to October, supported by a 4% increase in U.S. airline passenger volume in October, the highest increase this year, which aligns with management's optimistic outlook for Q4 [1] Group 1: Sales and Growth - Sales growth for Samsonite has shifted to positive from August to October [1] - October saw a 4% increase in U.S. airline passenger volume, marking the highest increase of the year [1] Group 2: Management Outlook - Management anticipates good profitability in Q4, despite high wholesale business comparisons from last year [1] - Optimized direct-to-consumer (DTC) channels are expected to effectively capture demand and alleviate supply-demand pressures [1] Group 3: Market and Brand Impact - The Asian market and Tumi brand are expected to drive improvements in gross margins [1] - The performance downturn cycle for Samsonite is projected to begin in Q2 to Q3 of 2024, influenced by global demand challenges from inflation and a decline in travel enthusiasm [1] Group 4: Investment Rating - Morgan Stanley sets a target price of HKD 24 for Samsonite and maintains an "Overweight" rating [1]