Core Viewpoint - UBS reports that Samsonite's adjusted EBITDA for Q2 is $141 million, roughly in line with the expected $145 million [1] Financial Performance - Revenue decreased by 5.8% year-on-year at constant exchange rates, driven by cautious purchasing decisions from wholesale clients [1] - Wholesale channel revenue fell by 8.7% year-on-year, while direct sales only saw a decline of 1.3% [1] Management Outlook - Management anticipates some improvement in sales patterns for Q3, although ongoing trade policy uncertainties and inflationary pressures are affecting consumer sentiment and demand [1] - The company is taking measures to mitigate tariff impacts, including increasing inventory before tariff hikes and raising prices [1] Forecast Adjustments - UBS has raised its adjusted EBITDA forecasts for Samsonite for the years 2023 to 2027 by 2% to 4%, along with a 2% increase in net sales forecasts [1] - It is expected that the year-on-year revenue decline will narrow in the second half of the year, with an overall anticipated revenue drop of 5% for the year [1] Target Price and Rating - UBS has increased its target price for Samsonite to HKD 17.2, maintaining a "Neutral" rating [1]

新秀丽2025年第二季度固定汇率销售同比跌5.8%，符该行预期，但列账销售额同比降4.8%，因外汇顺 风而优于该行预期。里昂预计，相较公司今年上半年销售额下降6%，下半年销售额同比料降4%，受外 汇变动及价格上调支持。管理层可能保护下半年毛利率按半年稳定。 报告又预计，下半年新秀丽调整后EBITDA利润率因成本节约，按半年上升20个基点至16.4%。该行对 2025至2027年销售额、毛利预测基本不变，但因股票支付影响导致税率上升，2025至2027年净利润预测 分别下调5%至7%。里昂表示，新秀丽管理层指引第三季及下半年净销售额将续改善，尽管第四季能见 度低;里昂预计非美国地区、外汇及价格上调将支持列账销售额。 里昂发布研报称，将新秀丽(01910)目标价从22港元下调至21港元，基于未来12个月市盈率13倍不变 计，对应2025至2027年净利润年均复合增长率13.6%的预测。该行维持予其"高度确信跑赢大市"评级， 因估值不高、连续改善潜力及双重上市机会。 ...

智通财经APP获悉，里昂发布研报称，将新秀丽(01910)目标价从22港元下调至21港元，基于未来12个月 市盈率13倍不变计，对应2025至2027年净利润年均复合增长率13.6%的预测。该行维持予其"高度确信 跑赢大市"评级，因估值不高、连续改善潜力及双重上市机会。 新秀丽2025年第二季度固定汇率销售同比跌5.8%，符该行预期，但列账销售额同比降4.8%，因外汇顺 风而优于该行预期。里昂预计，相较公司今年上半年销售额下降6%，下半年销售额同比料降4%，受外 汇变动及价格上调支持。管理层可能保护下半年毛利率按半年稳定。 报告又预计，下半年新秀丽调整后EBITDA利润率因成本节约，按半年上升20个基点至16.4%。该行对 2025至2027年销售额、毛利预测基本不变，但因股票支付影响导致税率上升，2025至2027年净利润预测 分别下调5%至7%。里昂表示，新秀丽管理层指引第三季及下半年净销售额将续改善，尽管第四季能见 度低; 里昂预计非美国地区、外汇及价格上调将支持列账销售额。 ...

新秀丽(1910.HK)盘中一度涨超7%，报17.72港元。消息面上，新秀丽中期股东应占盈利1.18亿美元，同 比下跌30%，不派中期息。期内，销售净额16.62亿元美元，同比减少6%，主要由于在宏观经济不确定 因素增加及贸易政策变动之下，批发客户在采购时更趋审慎，以及消费者情绪转弱而令需求减少所致。 集团表示，预料消费者情绪将继续放缓，部分是由于贸易政策不确定因素持续以及通胀压力可能进一步 影响消费者需求所 致。相信今年第三季度的销售净额有机会较第二季度有一定改善，但经济环境及消 费者需求仍难以预测。 ...

麦格里发布研报称，新秀丽(01910)次季收入同比跌4.8%，经调整EBITDA跌18.1%，均符合该行预期。 虽然管理层预期第三季销售将有所改善，但认为消费情绪疲弱令前景仍不明朗。目标价由13.3元上调至 14元，维持"中性"评级，认为公司下半年需求仍具挑战。 为应付关税影响，公司在北美市场加价，并会根据新增关税而进一步调价。另外，公司会预先采购该市 场库存，同时与供应商协商以缓解汇率影响。中期将透过重新设计产品以控制成本。为反映严控经营开 支的成效，该行将2025至27年净利预测分别上调2.1%、3.7%及1.8%。 ...

麦格理发表研究报告指，新秀丽次季收入按年跌4.8%，经调整EBITDA跌18.1%，均符合该行预期。虽 然管理层预期第三季销售将有所改善，但认为消费情绪疲弱令前景仍不明朗。为应付关税影响，公司在 北美市场加价，并会根据新增关税而进一步调价。另外，公司会预先采购该市场库存，同时与供应商协 商以缓解汇率影响。中期将透过重新设计产品以控制成本。 为反映严控经营开支的成效，该行将2025至27年净利预测分别上调2.1%、3.7%及1.8%。目标价由13.3港 元上调至14港元，维持"中性"评级，认为公司下半年需求仍具挑战。 ...

Core Viewpoint - Samsonite's stock rose over 6%, reaching HKD 17.5, with a trading volume of HKD 95.5895 million, following the release of its financial results for the six months ending June 30, 2025, which showed a decline in net sales and profit [1] Financial Performance - The company reported net sales of USD 1.662 billion, a year-on-year decrease of 6% [1] - Profit attributable to equity holders was USD 118 million, down 30.2% year-on-year [1] - Basic earnings per share were USD 0.085 [1] Future Outlook - According to a recent report from Credit Lyonnais, Samsonite's third-quarter performance is expected to improve sequentially, particularly in the United States, due to a low base effect and improved TSA travel passenger data in July and August [1] - The low base effect is also anticipated to positively impact performance in Asia, especially in India and mainland China [1]

2025年上半年的毛利率为59.2%，较2024年上半年的60.2%下降100个基点，主要由于地区销售净额组合 的不利变动，包括毛利率较高的亚洲区所占销售净额下降，以及一些为推动销售量而实行的策略性促销 措施所致，但部分被公司DTC渠道的销售净额贡献上升所抵销。 新秀丽(01910)发布截至2025年6月30日止六个月业绩，销售净额16.62亿美元，同比下降6%;股权持有人 应占溢利1.18亿美元，同比下降30.2%;每股基本盈利0.085美元。 与2024年上半年相比，2025年上半年的销售净额减少6.0%(按不变汇率基准计算则减少5.2%)。销售净额 有所下降主要是由于在宏观经济不确定因素增加及贸易政策变动之下，批发客户在采购时更趋审慎，以 及消费者情绪转弱而令需求减少所致。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Samsonite's sales in the second quarter are expected to decline by 6% year-on-year at constant exchange rates, which is a further deterioration from the 5% decline in the first quarter, primarily due to weakened travel demand [1] Group 1: Sales and Profit Forecasts - The company anticipates that gross margin and adjusted EBITDA margin will remain stable at 59% and 16.6% respectively, showing no significant change quarter-on-quarter [1] - Full-year sales forecast for Samsonite has been revised down to a 6% year-on-year decline, while adjusted net profit forecast has been lowered by 25% year-on-year to reflect the short-term weakness in travel [1] Group 2: Target Price and Market Outlook - The target price for Samsonite has been reduced from HKD 30 to HKD 22, considering the low valuation and the potential for future improvement in outlook [1] - Despite the current challenges, the company maintains a "highly confident outperform" rating, citing the potential for a revaluation opportunity with the upcoming dual listing [1]

摩根士丹利发布研报称，美国行业数据反映次季航空旅游业表现一般，预期新秀丽(01910)次季销售额 将跌7%，与首季跌幅相若。该行将2025至27年销售预测下调5至6%，EBITDA预测下调10%至14%，而 2025年收入及EBITDA预测分别下调4%和12%，料2026至27年将逐步恢复。因应盈利预测下调，目标价 由28港元降至24港元，予"增持"评级。 分区域而言，预期亚洲及美国将录得高单位数跌幅，欧洲则大致持平。该行料EBITDA利润率为 16.8%，因销售疲弱导致毛利率下跌及营运开支上升，预期EBITDA跌幅收窄至17%。至于今年下半 年，部分欧美航空公司表示第三季预订需求有所改善，7、8月出行趋势回升。美国运输安全管理局 (TSA)公布的旅客吞吐量第三季至今同比升逾1%，相较次季为下跌1%。由于基数较低，该行预计下半 年新秀丽销售跌幅将收窄至2%。 ...