Core Viewpoint - Citi has downgraded Samsonite's (01910) full-year sales forecast to a 6% year-on-year decline and adjusted net profit forecast to a 25% year-on-year decline, reflecting short-term weakness in the travel industry [1] Group 1: Sales and Profit Forecasts - The sales forecast for Samsonite has been revised downwards for the second quarter, with a projected 6% year-on-year decline in sales at constant exchange rates, worsening from a 5% decline in the first quarter [1] - Adjusted net profit forecasts for 2025 to 2027 have been reduced by 23% to 28%, reflecting pressures from travelers and uncertainties regarding tariffs [1] Group 2: Profit Margins and Future Outlook - The expected gross margin and adjusted EBITDA margin for the second quarter are projected to remain at 59% and 16.6% respectively, indicating stability on a quarterly basis [1] - There is an expectation of quarterly improvement in the third quarter due to low base effects and a rebound in traveler numbers [1] Group 3: Target Price and Market Position - The target price for Samsonite has been lowered from 30 HKD to 22 HKD, considering the current valuation and potential for future improvement [1] - Despite the downgrades, the company maintains a "highly confident outperform" rating, anticipating a revaluation opportunity from future dual listings [1]