Daiwa: Raises the target price of Xinyu Shili (01910.HK) to HKD 17.8, reiterates "Buy" rating.

According to Zhichun Finance APP, Daiwa has released a research report stating that Samsonite (01910.HK) achieved second-quarter results in line with expectations. Excluding the impact of tariff refunds, both the gross margin and EBITDA margin improved quarter-on-quarter. On a constant currency basis, second-quarter sales fell by 2% year-on-year, remaining roughly flat when excluding the Middle East and India. The gross margin expanded by 3 percentage points year-on-year to 62%. The report notes that demand for Samsonite has not yet rebounded, but may have bottomed out in the second quarter. The company anticipates that the adjusted EBITDA margin will continue to improve quarter-on-quarter in the third quarter. To reflect the planned price adjustments (expected to be implemented in the fourth quarter of this year), the bank has slightly raised its forecast for Samsonite's gross margin next year and increased its earnings per share estimate for 2027 to 2028 by 2% to 3%. The target price has been raised from HKD 17.6 to HKD 17.8, and the "Buy" rating has been reaffirmed.