UBS has revised down its target price for Samsonite (01910) to HK$23.3 while reiterating a "Buy" rating. The company experienced a slow start to 2026, attributed to demand headwinds from geopolitical factors, despite facing easier year-over-year comparisons. Samsonite reported an adjusted EBITDA of $195.5 million for the fourth quarter of 2025, significantly surpassing UBS's estimate of $179 million and the market consensus of $178 million, primarily driven by better-than-expected margins. The report noted that due to uncertainties surrounding the duration and broader impact of Middle East conflicts, the company did not provide full-year revenue guidance. However, on the cost side, management expects marketing expenditure to account for 6.5% of net sales in 2026. Rising oil prices may pressure transportation and raw material costs, but the company maintains raw material inventories of typically five to six months and utilizes tools such as forward contracts to manage short-term pressures. Additionally, management reaffirmed that its dual listing in the United States is expected to be completed in 2026.