Yamato: Maintaining Samsonite's (01910) “Buy” rating and reducing the target price to HK$25

The Zhitong Finance App learned that Yamato released a research report saying that Samsonite (01910)'s business trends for the third quarter are not expected to be significantly different from the second quarter, and most of its major markets will continue to slow down. Adjusted EBITDA for the third quarter is expected to drop 10% year over year due to the particularly high base effect. The target price was reduced from HK$30 to HK$25, maintaining the “Buy” rating.

The bank expects that Samsonite's business performance trend will not change significantly in the fourth quarter. It is believed that the valuation of 8.8 times the 2025 price-earnings ratio has taken into account most of the negative factors, and share repurchases have also provided some downside protection. Also, the bank believes its secondary listing in the US may be delayed until the first half of next year.