FT: SAMSONITE (01910) is rated as "Buy" with a target price of 33.7 Hong Kong dollars.

Fubon released a research report stating that SAMSONITE (01910) fourth quarter of 2023 adjusted EBITDA/sales met the expectations of the bank and the market, while profits exceeded expectations. The focus of the group's management meeting was on transaction updates since the beginning of the year, whether to maintain full-year 2024 sales guidance, and the group's comments on privatization news. The bank set a target price of HK$33.7 with a "buy" rating. The report stated that SAMSONITE's net profit for the fourth quarter of 2023 was $149 million, far exceeding the bank's expectation of $88 million and the market's $99 million, mainly due to a $84 million impairment reversal. Management expects the global tourism industry to continue healthy growth in 2024, with Asia expected to continue growing, particularly outbound tourism from China, and forecasts a relatively strong outlook for Europe.