MAG reiterates "Outperform" rating as SAMSONITE (01910) moves towards dual listing, expects turnaround in fourth quarter performance.

Macquarie has released a research report stating that they maintain a "outperform" rating for SAMSONITE (01910) with a target price of HK$29. SAMSONITE has announced details of its planned dual listing in the United States, which is expected to be in the form of American Depositary Shares (ADS). The net proceeds will be allocated for operating capital and general corporate purposes, including operating and capital expenditures, debt repayment, and providing funds for potential acquisitions. Shareholders' meetings, including a special shareholders' meeting, will be held on March 19, 2026, to approve the aforementioned matters. Additionally, the bank also sees the company's business entering a new phase, including changes in management. The bank reiterates its view that the company is at a turning point, with expected revenue and adjusted net profit in the fourth quarter of 2025 to increase by 0.4% and 6.2% respectively year-on-year. At the same time, with the industry destocking cycle coming to an end and the luggage replacement cycle beginning, the bank expects the business to enter a period of double-digit profit growth in the next two years.