Core Viewpoint - The company reported better-than-expected Q3 2025 results, driven by strong performance from the China and TUMI brands [1] Financial Performance - Q3 2025 net sales reached $873 million, a year-on-year decrease of 1.3% at constant exchange rates [1] - Adjusted EBITDA was $143 million, with an adjusted EBITDA margin of 16.3%, down from 17.6% in the same period last year [1] - Adjusted net profit was $63.6 million, compared to $79.7 million in the previous year [1] Growth Trends - Management anticipates a long-term global passenger travel growth rate of approximately 4% from 2024 to 2029, benefiting from sustained travel demand [1] - The company is expected to gain from the replacement cycle of luggage purchases following the rebound in travel from 2021 to 2023 [1] - Sales need to grow over 5% to achieve operational leverage release, with advertising expenses projected to remain at 6-6.5% of sales [1] Shareholder Returns - The dividend payout ratio is maintained at 40%, with a stock buyback plan to be finalized by the board in early 2026 [1] - The company plans to complete a dual listing in the U.S. by 2026, depending on market conditions [1] Earnings Forecast and Valuation - Due to stronger-than-expected recovery in Asia and the upcoming Q4 2025 shopping season, revenue and net profit forecasts for 2025 have been raised by 3% and 12% to $3.513 billion and $302 million, respectively [1] - For 2026, revenue and net profit forecasts have been increased by 3% and 8% to $3.753 billion and $342 million, respectively [1] - The target price has been raised by 20% to HKD 24, indicating a 44% upside based on a 13x 2026 P/E ratio [1]

Core Viewpoint - The report from Citigroup indicates that Samsonite's third-quarter sales amounted to $873 million, reflecting a year-over-year decline of 1.3% when adjusted for constant currency, although all regions and brands showed signs of sequential improvement [1] Group 1: Financial Performance - Samsonite's management expresses confidence in sequential improvement for the fourth quarter, despite noting a high comparison base for December [1] - Citigroup forecasts a 0.2% year-over-year decline in group sales for the fourth quarter, with an overall sales decline of 3% for the full year [1] Group 2: Profitability Outlook - For fiscal year 2025, Citigroup predicts an adjusted EBITDA margin of 16.4%, a decrease of 2.7 percentage points year-over-year [1] - The firm anticipates a recovery in the margin to 17.1% for fiscal year 2026 [1] Group 3: Target Price Adjustment - Based on improved outlook for the second half of 2025, Citigroup raises Samsonite's target price from HKD 21 to HKD 22 and reaffirms a "highly confident outperform" rating [1]

Core Viewpoint - Citibank's report indicates that Samsonite's Q3 sales reached $873 million, reflecting a year-on-year decline of 1.3% when adjusted for constant currency, although all regions and brands showed sequential improvement [1] Group 1: Sales Performance - Sales turned positive from August to October, maintaining a stable trend from November to the present [1] - The management expresses confidence in sequential improvement for Q4, but notes that December has a high comparative base [1] Group 2: Financial Forecast - Citibank anticipates a 0.2% year-on-year decline in group sales for Q4, with an overall annual sales decline of 3% [1] - The forecast for adjusted EBITDA margin is 16.4% for FY2025, a decrease of 2.7 percentage points year-on-year, with a recovery to 17.1% in FY2026 and a sales growth of 3% year-on-year [1] Group 3: Target Price Adjustment - Based on improved outlook for the second half of 2025, Citibank raises its target price from HKD 21 to HKD 22, reiterating a "highly confident outperform" rating [1]

Core Viewpoint - Citigroup's research report indicates that Samsonite's Q3 performance largely met expectations, with adjusted EBITDA declining by 7.7% year-on-year to $143 million, while revenue at constant exchange rates saw a narrower decline of 1.3% to $872.7 million [1] Group 1: Financial Performance - Adjusted EBITDA for Q3 decreased by 7.7% year-on-year to $143 million [1] - Revenue at constant exchange rates fell by 1.3% year-on-year to $872.7 million [1] - The quarterly improvement was primarily driven by the TUMI brand and the Asia region [1] Group 2: Future Outlook - Management anticipates that despite a high base in Q3, sales growth is expected to improve quarter-on-quarter in Q4 due to robust global travel demand, new product launches, and marketing activities [1] - Consumers typically replace their products every 3 to 4 years, with a new replacement cycle expected to begin in 2026 [1] Group 3: Strategic Initiatives - The company is continuing preparations for a U.S. listing, aiming for completion in 2026 if market conditions are favorable, which could act as a catalyst for valuation re-rating [1] - Citigroup has set a target price of HKD 19.7 and maintains a "Buy" rating on the stock [1]

Investment Rating - The report maintains a positive outlook for Samsonite, indicating a potential recovery in sales and profitability, with expectations for mid-single-digit revenue growth trajectory around 2026 [2][19]. Core Insights - In 3Q25, Samsonite's net sales declined by 1.3% year-on-year, a significant improvement from the 5.8% decline in 2Q25, driven by recovery in DTC and non-travel businesses [2][12]. - The gross margin for 3Q25 reached 59.6%, up 30 basis points from the previous year, indicating effective cost management despite tariff pressures [3][13]. - The company completed a core debt refinancing, enhancing liquidity and financial flexibility, with net debt at approximately $1.2 billion and a net leverage ratio of around 2x [4][14]. - DTC channel sales increased by 3.5% year-on-year, with e-commerce growing over 10%, reflecting a shift towards direct-to-consumer sales [5][15]. - TUMI brand showed strong performance with a 5.0% year-on-year revenue increase in 3Q25, contributing positively to the overall group revenue [6][16]. Summary by Sections Financial Performance - 3Q25 net sales were $1.1 billion, with a notable recovery in various regions, excluding North America, which remained under pressure [2][12]. - The company expects further sales improvement in 4Q25, supported by strong October sales and positive holiday season momentum [19]. Cost Management - Gross margin improvements were achieved through supplier collaboration and product optimization, with expectations for continued strong performance into 4Q25 [3][13]. - Operating expenses increased slightly due to prior expansions, with SG&A expenses at $339 million, up 5.1% year-on-year [3][13]. Debt and Liquidity - The company successfully restructured its core debt, extending maturity dates and reducing funding costs, which enhances financial resilience [4][14]. Sales Channels - The DTC channel's revenue share increased from 38.9% to 42%, indicating a strategic shift towards direct sales [5][15]. - The wholesale channel faced challenges, but growth in third-party e-commerce helped mitigate some of the declines [5][15]. Brand Performance - Samsonite brand revenue declined by 4.1% year-on-year, while TUMI and American Tourister showed signs of recovery, with TUMI achieving a 5.0% increase [6][16][18].

Core Viewpoint - Citic Lyon has raised the target price for Samsonite (01910) by 4.8%, from HKD 21 to HKD 22, maintaining a strong "outperform" rating, reflecting confidence in the company's growth potential [1] Group 1: Financial Forecasts - Citic Lyon has increased its sales forecasts for the company for the fiscal years 2025-2027 by 2-3% and adjusted net profit forecasts by 2-10%, primarily due to improved outlook for the second half of 2025 [1] - The adjusted EBITDA margin for fiscal year 2025 is projected to be 16.4%, a decrease of 2.7 percentage points year-on-year, while it is expected to reach 17.1% in fiscal year 2026, with sales returning to a 3% growth [1] Group 2: Recent Performance and Outlook - In the third quarter, the company's sales decreased by 1.3% year-on-year to USD 873 million, but all regions and brands recorded sequential growth [1] - Sales turned positive from August to October, with a continued positive trend from November to the present [1] - The Chinese market outperformed expectations in the third quarter, with a year-on-year increase of 10%, aligning with Citic Lyon's prior expectations, and management is confident about sequential improvement in the fourth quarter [1] - Citic Lyon anticipates a slight year-on-year decline of 0.2% in sales for the fourth quarter, with an overall expected decline of 3% in annual sales [1]

Core Viewpoint - Citic Securities has raised the target price for Samsonite (01910) by 4.8%, from HKD 21 to HKD 22, maintaining a "Buy" rating, reflecting confidence in the company's growth prospects [1] Financial Forecasts - Sales forecasts for Samsonite for the fiscal years 2025-2027 have been increased by 2-3%, while net profit forecasts have been raised by 2-10%, primarily due to improved outlook for the second half of 2025 [1] - The adjusted EBITDA margin for fiscal year 2025 is projected to be 16.4%, a decrease of 2.7 percentage points year-on-year, with an expected recovery to 17.1% in fiscal year 2026, alongside a return to 3% sales growth [1] Recent Performance - In the third quarter, Samsonite's sales decreased by 1.3% year-on-year to USD 873 million, but all regions and brands showed sequential growth [1] - Sales turned positive from August to October, with a continued positive trend observed from November to the present [1] Market Insights - The Chinese market outperformed expectations in the third quarter, with a year-on-year growth of 10%, aligning with Citic's prior forecasts, and management is optimistic about sequential improvement in the fourth quarter [1] - For the fourth quarter, sales are expected to decrease by 0.2% year-on-year, with an overall annual sales decline projected at 3% [1]

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]

Core Viewpoint - UBS reported that Samsonite (01910) experienced an 8% year-on-year decline in adjusted EBITDA for Q3, amounting to $143 million, which aligns with the bank's expectation of $139 million. The EBITDA margin was 16.3%, slightly above the forecasted 16.1% [1] Financial Performance - Net sales growth significantly slowed, with a year-on-year decline of 1% at constant exchange rates, an improvement from a 6% decline in Q2, partly due to a low base effect [1] - The company is trading at a forecasted P/E ratio of 10.2 times, which is still 1.3 standard deviations below its historical average [1] Management Insights - Management indicated that positive revenue momentum is expected to continue into October, with anticipated improvement in Q4 net sales growth despite a high base effect [1] - Gross margin is expected to remain stable at 59.6%, benefiting from a shift in product mix towards Tumi and direct sales channels, as well as effective measures to mitigate the impact of U.S. tariffs [1] - Management is considering a dual listing next year in response to market conditions [1] Market Expectations - UBS anticipates that the market will react positively to the company's Q4 sales growth outlook and management's confidence in maintaining profitability [1]

Core Viewpoint - UBS reports that Samsonite (01910) experienced an 8% year-on-year decline in adjusted EBITDA for Q3, amounting to $143 million, which aligns with the bank's expectation of $139 million [1]. Financial Performance - The EBITDA margin was recorded at 16.3%, slightly above UBS's forecast of 16.1% [1]. - Net sales growth has significantly slowed, with a year-on-year decline of 1% at constant exchange rates, an improvement from a 6% decline in Q2, partly due to a low base effect [1]. Valuation and Market Position - Samsonite is currently trading at a forecasted price-to-earnings ratio of 10.2 times, which is still 1.3 standard deviations below its historical average [1]. - UBS is reviewing its investment rating and target price for Samsonite, which was previously set at "Neutral" with a target price of HKD 17.4 [1]. Management Outlook - Management indicated that positive revenue momentum is expected to continue into October, with an anticipated improvement in Q4 net sales growth despite a high base effect [1]. - Gross margin is expected to remain stable at 59.6%, benefiting from a shift in product mix towards Tumi and direct sales channels, as well as effective measures to mitigate the impact of U.S. tariffs [1]. - Management is considering a dual listing next year in response to market conditions [1]. - UBS anticipates that the market will react positively to the company's Q4 sales growth outlook and management's confidence in maintaining profitability [1].