Macquarie: Samsonite moves towards dual listing, expected to reverse decline in performance in the fourth quarter

Macquarie Research Report indicates that Samsonite (01910.HK) has announced details of its proposed dual listing in the United States, which is expected to be conducted in the form of American Depositary Shares (ADS). The net proceeds will be allocated for working capital and general corporate purposes, including operational and capital expenditures, debt repayment, and funding for potential acquisitions. The shareholders' meeting and special shareholders' meeting will be held on March 19, 2026, to approve the above matters. Additionally, the firm also sees that the company's business is entering a new phase, including changes in management.

The firm reiterates its view that the company is at a turning point, expecting that revenue and adjusted net profit will reverse the downward trend in the fourth quarter of 2025, with year-on-year growth of 0.4% and 6.2%, respectively. Meanwhile, as the industry's destocking cycle is largely coming to an end and the luggage replacement cycle begins, the firm expects the business to enter a double-digit profit growth period over the next two years; maintaining an "Outperform" rating with a target price of 29 HKD