--- title: "Cathay Securities: Maintains Samsonite \"Buy\" Rating, Disclosure of Dual Listing Rules for US Stocks" type: "News" locale: "en" url: "https://longbridge.com/en/news/276822231.md" description: "Cathay Securities maintains a \"Buy\" rating on Samsonite, expecting the net profit attributable to the parent company to be USD 270 million, 300 million, and 340 million for the years 2025-2027, respectively. The company plans to advance its dual listing in the U.S. stock market in the form of American Depositary Shares, with the authorization valid until June 4, 2026, and intends to issue a maximum of approximately 13.8 million additional shares. This move aims to enhance global trading liquidity and increase shareholder value. The appointment of the new CFO and the president of the TUMI brand has also been finalized" datetime: "2026-02-25T03:06:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276822231.md) - [en](https://longbridge.com/en/news/276822231.md) - [zh-HK](https://longbridge.com/zh-HK/news/276822231.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/276822231.md) | [繁體中文](https://longbridge.com/zh-HK/news/276822231.md) # Cathay Securities: Maintains Samsonite "Buy" Rating, Disclosure of Dual Listing Rules for US Stocks According to the Zhitong Finance APP, Guotai Junan Securities has released a research report maintaining an "Overweight" rating for Samsonite (01910). The firm expects the company's net profit attributable to shareholders to be USD 270 million, 300 million, and 340 million for 2025-2027, representing year-on-year changes of -22.3%, +12.2%, and +11.6%, respectively. It assigns a 15X PE for 2026, translating to a target price of HKD 24.09 based on an exchange rate of USD 1 = HKD 7.8. ## Key Points from Guotai Junan Securities: **Company Discloses Details of Dual Listing on US Stock Market** The company plans to advance its dual listing on the US stock market in the form of American Depositary Shares (ADS), with the authorization for issuance valid until the conclusion of the shareholders' annual meeting on June 4, 2026. The price of newly issued shares will be discounted by no more than 15% from the last closing price, and will not be discounted by 20% or more from the benchmark price of the shares. The funds raised from the issuance will primarily be used for operations and capital expenditures, repaying existing debts, repurchasing the company's ordinary shares, and providing funds for potential acquisitions. **Seeking Dual Listing on US Stock Market Aims to Enhance Global Trading Liquidity** The dual listing in the US will make it easier for US and global investors to access its shares and create long-term value for shareholders by providing initial trading liquidity. The proposed maximum issuance limit is approximately 138 million shares, accounting for 9.97% of the total issued shares after excluding treasury shares. The company plans to immediately cancel all approximately 79.3 million treasury shares after the dual listing is completed, and after deducting the canceled treasury shares, the estimated actual net dilution impact on the new equity is about 4.0%. **Recent Appointments of Company CFO and TUMI President** In terms of financial management, Mr. Thomas R. Pizzuti will officially assume the role of Group Chief Financial Officer starting February 2, 2026. He previously served as a partner in the Transaction Advisory and Strategy division at KPMG. In brand management, Mr. Luciano Severo Rodembusch will take on the role of President of the TUMI brand around April 1, 2026. He has previously served as President of Pandora North America and Senior Vice President at Tiffany & Co., and it is believed that his extensive management experience in luxury consumer brands will effectively lead TUMI to achieve sustainable development as a global functional luxury brand. **Expected Performance in Q4 2025 to Continue Improvement Trend from Q3** In Q3 2025, the company saw improved growth rates for all brands and regions compared to Q2, with Tumi achieving positive growth in all regions. Although the base for Q4 2025 is higher, the firm believes the improvement trend will continue, expecting year-on-year revenue to remain flat or above on a constant currency basis, with high single-digit growth in India, positive growth in China, and a continued narrowing of the decline in North America compared to Q3 under a high base. The firm anticipates that the luggage sector will likely enter a renewal cycle in 2026, and ongoing improvements in the Asia-Pacific and North American markets are expected to positively impact profit margins in 2026, with the dual listing details clearly favoring valuation recovery. **Risk Warning** Deterioration of the retail environment, intensified industry competition, and worsening brand partnerships ### Related Stocks - [SAMSONITE (01910.HK)](https://longbridge.com/en/quote/01910.HK.md) - [Samsonite International S.A. (SMSEY.US)](https://longbridge.com/en/quote/SMSEY.US.md) ## Related News & Research - [Samsonite shareholders approve US dual listing](https://longbridge.com/en/news/279802113.md) - [Samsonite's 2025 Profit Declines 16%; Chairman to Retire in June](https://longbridge.com/en/news/279871599.md) - [Samsonite Names Independent Director Jerome Griffith as Next Chairman](https://longbridge.com/en/news/279860913.md) - [Samsonite outlines 2025 results framework and key business drivers](https://longbridge.com/en/news/279857424.md) - [Samsonite Q4 Profit Down; Chairman Timothy Charles Parker To Retire](https://longbridge.com/en/news/279872037.md)