Samsonite (1910 HK) Buy: Anticipating easing turbulence

研报英文原文证据摘录

Samsonite (1910 HK) Buy: Anticipating easing turbulence

%) 18.8 17.1 16.7 16.3

increases (if need be). Given the track record of margin protection, we believe that it is

achievable. Relative to Q1 2026 results, we expect adjusted EBITDA margins to improve 52-WEEK PRICE (HKD)

but still be down y-o-y, partly linked to increased marketing spend, which is up 60bp y-o-y, 23.00

lack of operating leverage and cost inflation, partly offset by cost control measures. For 17.50

the full year, we expect an adjusted EBITDA margin of 15.2%, down 210bp y-o-y.

12.00

05/25 11/25 05/26

Lifestyle bags segment is an opportunity: To decouple from the volatility linked to Target price: 19.00 High: 21.50 Low: 13.68 Current: 14.04

travel demand, management is doubling down efforts on the lifestyle bags category

Source: LSEG IBES, HSBC estimates

(c36% of 2025 sales), where the group has only c3% market share compared to a

mid-to-high teens market share in the luggage category. Alongside organic growth

Akshay Gupta*, CFA

opportunities, the strategy also involves evaluation of potential acquisitions in the space. Global Luxury & Consumer Analyst

The Hongkong and Shanghai Banking Corporation Limited

Maintain Buy: We reduce our DCF-derived target price to HKD19.00 (from HKD24.00) akshay.gupta@hsbc.com.hk

+852 2974 2980

on lower estimates and a higher WACC, linked to the challenging outlook for travel

business given ongoing travel disruptions. While we trim our sales estimates by c2% over

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

FY2026-27, we revise our margin estimates downwards by 9% given the Q1 miss. We not registered/ qualified pursuant to FINRA regulations

believe that the downside linked to weaker trends is priced-in, with the stock down 31%