Furui: Cut SAMSONITE (01910) target price to HK$22.33; Middle East conflict affects short-term sales.

Credit Suisse released a research report stating that due to the adjustment of short-term sales growth forecasts in response to the Middle East conflict, the net profit forecasts for SAMSONITE (01910) in 2026 and 2027 have been reduced by 5% and 3% respectively; the "buy" rating is maintained, with the target price slightly lowered from HK$23.24 to HK$22.33. SAMSONITE's adjusted EBITDA in the fourth quarter of last year exceeded the bank's expectations by 11%, while sales met expectations. Due to the impact of the Middle East situation, management expects first-quarter sales to be flat when calculated at fixed exchange rates. Although growth was strong in January and February, business slowed down in March. Management believes there is still an opportunity to achieve sales growth for the whole year, but has not provided guidance.