Core Viewpoint - UBS reports that Samsonite (01910) appears to be oversold, with a short position of $206 million in the US last month, covering a record high of 28.5 days [1] Group 1: Financial Performance - UBS expects an upward revision of profit forecasts and a re-evaluation of the price-to-earnings ratio as the economic cycle turns and positive catalysts emerge [1] - The company’s revenue is regaining momentum, with the impact of US tariffs appearing to be milder than expected [1] - The adjusted EBITDA for the company is projected to grow by 8% year-on-year next year, benefiting from a 5% revenue growth and operational leverage [1] Group 2: Valuation and Market Position - UBS has raised its target price for Samsonite from HKD 17.4 to HKD 24.1 and upgraded its rating from "Neutral" to "Buy" [1] - Improved operational performance is expected to enhance the visibility of the company's secondary listing in the US, potentially driving a re-evaluation of its price-to-earnings ratio [1] - As the investor base expands, the valuation of Samsonite is anticipated to align more closely with global industry levels in the medium to long term [1]

Core Viewpoint - UBS reports that Samsonite (01910) appears to be oversold, with a significant short position of $206 million in the U.S. and a record coverage period of 28.5 days, indicating potential for a positive turnaround in earnings forecasts and valuation reassessment [1] Group 1: Financial Performance - UBS has raised its target price for Samsonite from HKD 17.4 to HKD 24.1, upgrading the rating from "Neutral" to "Buy" [1] - The company’s revenue is regaining momentum, with the impact of U.S. tariffs appearing to be milder than expected [1] - The adjusted EBITDA for the company is projected to grow by 8% year-on-year next year, benefiting from a 5% revenue growth and operational leverage [1] Group 2: Market Outlook - Improved operational performance is expected to enhance the visibility of the company's secondary listing in the U.S., potentially driving a reassessment of its valuation [1] - As the investor base expands, Samsonite's valuation is anticipated to align more closely with global industry peers in the medium to long term [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 - 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 forecasts a significant valuation re-rating for Samsonite (01910) driven by a positive outlook for Q4, with sales growth turning positive from August to October [1] Group 1: Sales and Market Performance - Sales growth from August to October has turned positive, indicating a recovery in demand [1] - In October, US airline passenger volume increased by approximately 4%, marking the highest growth rate of the year [1] Group 2: Financial Outlook and Ratings - Despite a high wholesale base for Q4 2024, management remains optimistic about future performance [1] - Morgan Stanley maintains an "Overweight" rating on the stock with a target price of HKD 24 [1] Group 3: Profitability and Challenges - The gross margin remained strong in Q3 despite weak demand and tariff impacts, with improvements in supply chain and product management [1] - The group's performance decline began in Q2 and Q3 of 2024, influenced by inflation and a reversal in travel trends [1] - The third quarter of 2025 may signal the beginning of a new cycle for the company [1]

Core Insights - The company reported an adjusted net profit of $63.6 million for the third quarter, which was below market expectations of $68.9 million [1] - The net sales amounted to $872.7 million, exceeding the forecast of $860.2 million [1] - The net profit for the quarter was $73.5 million [1]

Group 1 - The company, Kairun Co., Ltd. (300577), reported that as of November 10, 2025, the total number of shareholders is 7,495 [1]

Core Viewpoint - Samsonite is refinancing its 2026 maturing senior notes and senior credit facilities through the issuance of new senior notes and a syndicated loan arrangement [1] Group 1 - The company has entered into a purchase agreement for the issuance and sale of €350 million senior notes with a 4.375% interest rate maturing in 2033 on October 30, 2025 [1] - The completion of the new senior credit facility's syndicated loan arrangement and allocation was achieved on October 31, 2025 [1]