CLSA has released a research report raising SAMSONITE's (01910) target price by 4.8% from HK$21 to HK$22, reiterating a high-conviction "Outperform" rating. The firm increased its sales forecasts for fiscal years 2025–2027 by 2–3% and net profit projections by 2–10%, citing improved prospects in the second half of 2025.

SAMSONITE's Q3 results, Q4 outlook, and progress toward a dual listing are expected to serve as catalysts for growth. Q3 sales declined 1.3% year-on-year to $873 million, though all regions and brands saw sequential growth. Sales turned positive from August to October, with November trends remaining favorable.

In China, Q3 performance exceeded market expectations with a 10% year-on-year increase, aligning with CLSA's earlier projections. Management expressed confidence in sequential improvement for Q4. CLSA forecasts a 0.2% year-on-year decline in Q4 sales and a 3% full-year drop.

For fiscal 2025, adjusted EBITDA margin is projected at 16.4%, down 2.7 percentage points year-on-year, with a rebound to 17.1% in fiscal 2026 alongside 3% sales growth.