Furui: Raises target price of SAMSONITE (01910) to 23.24 Hong Kong dollars, expects slight increase in fourth quarter sales volume.

According to a research report released by Fubon, SAMSONITE (01910) plans to complete a dual listing in the United States by 2026, believing it will help enhance shareholder value. In terms of shareholder returns, the company has completed a $200 million repurchase and is expected to include dividends and share repurchases in next year's shareholder returns. The target price has been raised from HKD 22 to HKD 23.24, with a "buy" rating maintained. Fubon expects SAMSONITE to record a net profit of $117 million in the fourth quarter of 2025, a 9% decrease year-on-year, with a profit margin of 18.5% and a sales growth of 1.4%; it is expected that the Asian market will return to positive growth, with a 0.3% decline in the third quarter turning into a 1.2% increase in the fourth quarter. SAMSONITE management has expressed confidence in the prospects for 2026, as they are currently in the luggage replacement cycle, and non-travel category products still have penetration space in both regions and channels, with significant growth potential.