Investment Rating - The report assigns a rating of "Accumulate" for the company [5]. Core Insights - The company has disclosed details regarding its dual listing in the US, aiming to enhance global trading liquidity. The recent appointments of the CFO and TUMI President are expected to positively impact performance, with Q4 2025 results anticipated to continue the improvement trend seen in Q3 [2][9]. - The company plans to issue American Depositary Shares (ADS) for its dual listing, with a maximum issuance limit of approximately 138 million shares, representing 9.97% of the total shares outstanding after excluding treasury shares. The funds raised will be used for operational and capital expenditures, debt repayment, share buybacks, and potential acquisitions [9][10]. - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be $268 million, $301 million, and $336 million, respectively, reflecting year-on-year changes of -22.3%, +12.2%, and +11.6%. A target price of HKD 24.09 is set based on a 15X PE for 2026 [9][12]. Financial Summary - The company's total revenue is projected to be $3,589 million in 2024, decreasing to $3,481 million in 2025, before increasing to $3,651 million in 2026 and $3,824 million in 2027. The gross profit is expected to follow a similar trend, with figures of $2,152 million, $2,074 million, $2,187 million, and $2,298 million for the respective years [4][12]. - The report indicates a decline in net profit for 2025, with a recovery expected in the following years, alongside improvements in profit margins due to anticipated market recovery in the Asia-Pacific and North American regions [9][10].

Core Viewpoint - The report from Guotai Junan Securities maintains an "Overweight" rating for Samsonite (01910), projecting net profit for the company to be $270 million, $300 million, and $340 million for 2025-2027, 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 has disclosed details regarding its dual listing in the U.S., planning to issue American Depositary Shares (ADS) with an authorization valid until the annual shareholders' meeting on June 4, 2026. The new shares will be issued at a discount of no more than 15% from the last closing price, and the funds raised will be used for operations, capital expenditures, debt repayment, share buybacks, and potential acquisitions [1] - The dual listing aims to enhance global trading liquidity, making it easier for U.S. and global investors to access its shares. The maximum issuance limit is approximately 138 million shares, accounting for 9.97% of the total issued shares after excluding treasury stock. 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 2 - Recent appointments include Thomas R. Pizzuti as the Group CFO starting February 2, 2026, who previously worked at KPMG, and Luciano Severo Rodembusch as the President of TUMI, expected to take office around April 1, 2026. Rodembusch has extensive experience in luxury consumer brands, which is anticipated to benefit TUMI's growth as a global functional luxury brand [3] - The company expects continued improvement in performance for Q4 2025, with all brands and regions showing growth compared to Q2. TUMI has achieved positive growth across all regions, and despite a high base for Q4, the company anticipates revenue to remain stable year-on-year. The Asia-Pacific and North American markets are expected to positively impact profit margins in 2026, aided by the clarified dual listing details [4]

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]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company has disclosed details regarding its dual listing in the US, aiming to enhance global trading liquidity. The recent appointments of the CFO and TUMI President are expected to positively impact performance, with Q4 2025 results anticipated to continue the improvement trend seen in Q3 [2][9] - The company plans to issue American Depositary Shares (ADS) for its dual listing, with the issuance period lasting until the end of the shareholders' annual meeting on June 4, 2026. The new shares will be priced at a discount of no more than 15% from the last closing price [9] - The company expects to see a recovery in valuation due to the dual listing and anticipates that Q4 2025 will show year-on-year revenue growth, particularly in the Indian and Chinese markets, while North America is expected to see a reduced decline compared to Q3 [9] Financial Summary - Total revenue projections (in million USD) for 2024A, 2025E, 2026E, and 2027E are 3589, 3481, 3651, and 3824 respectively, with year-on-year changes of -2.5%, -3.0%, +4.9%, and +4.7% [4] - Gross profit is projected to be 2152, 2074, 2187, and 2298 million USD for the same years, with corresponding changes of -3.6%, -3.6%, +5.5%, and +5.1% [4] - Net profit attributable to the parent company is expected to be 346, 268, 301, and 336 million USD, reflecting year-on-year changes of -17.1%, -22.3%, +12.2%, and +11.6% [4] - The company is projected to have a PE ratio of 10.56, 13.60, 12.12, and 10.86 for the years 2024A, 2025E, 2026E, and 2027E respectively [4] Market Data - The current stock price is 19.96 HKD, with a market capitalization of 29,266 million HKD and a total share count of 1,466 million [6]