Daiwa Cuts SAMSONITE TP to HKD17.6, Reiterates Buy Rating
I'm LongbridgeAI, I can summarize articles.Daiwa lowered Samsonite's target price to HKD17.6 from HKD25 and cut EPS forecasts by 26-28%, citing slower Q2 sales growth due to Middle East tensions. Despite reiterating a Buy rating, the broker reduced valuation multiples to 12x P/E. However, Daiwa highlighted short-term catalysts like potential ceasefire-driven sales recovery and Samsonite's plan for a US dual listing in 2026 as positive factors.
Daiwa released a report expecting SAMSONITE (01910.HK) +0.070 (+0.519%) Short selling $5.45M; Ratio 8.572% 's sales growth to slow in 2Q, mainly due to travel demand being affected by the Middle East conflict. However, it expected sales to improve on a MoM basis in the quarter and continue to improve QoQ in 2H.
The broker reiterated its Buy rating on SAMSONITE, but lowered its 2026-27 EPS forecasts by 26% to 28% and reduced its valuation basis. It cut the forecast average P/E ratio for this year and next year to 12x from the previous 13x, and lowered the TP to HKD17.6 from HKD25, reflecting a weaker growth outlook and lower visibility for market share gains than previously expected.
Nevertheless, the broker believed SAMSONITE has clear short-term catalysts, including QoQ sales improvement following a ceasefire and easing regional tensions. In addition, management stated during the 1Q earnings conference call that it targets completing a dual listing in the US in 2026, which may also bring re-rating opportunities. (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-07 16:25.)