Citi: Slightly raises the target price for New Oriental to HKD 16.3, with the U.S. dual listing as a potential revaluation catalyst.

Citi published a research report indicating that Samsonite's adjusted net profit for the second quarter exceeded expectations, with an adjusted EBITDA margin of 16.1%. Excluding the refund of U.S. tariffs, the margin would be 14.1%, compared to 13.1% in the first quarter and 16.3% in the same period last year. However, revenue fell short of expectations, with a year-on-year decline of 1.7% to $852 million at constant exchange rates. The management expects net sales growth in the third quarter at constant exchange rates to be similar to that of the second quarter, which is below market forecasts. With weak consumer confidence and a slowdown in global travel demand, revenue and margins may continue to face pressure in the second half of the year. Citi has slightly adjusted its earnings forecast for the company, raising the target price from HKD 16 to HKD 16.3, maintaining a "Buy" rating. The company still intends to complete its dual listing in the U.S. this year under improved conditions, which the bank sees as a potential catalyst for valuation reassessment.