The Zhitong Finance App learned that Yamato released a research report saying that it lowered Samsonite (01910)'s earnings estimate for 2024-25 by 5%, but raised the target price from HK$36 to HK$37 to maintain a “buy” rating, which mainly reflects the market's revaluation of its potential privatization and dual listing, which can still drive up the stock price in the short term. The company expects revenue growth of 10 to 12% in 2024, and the adjusted EBITDA margin is expected to increase by 20 to 30 basis points per year.

According to the report, Samsonite management is very optimistic about the Asian market. It is expected that China and Japan will each achieve revenue growth of about 20% in the first quarter of 2024, while South Korea's revenue growth is expected to reach about 15-17% during the same period. As for the US and European markets, the first quarter may still be challenging, but the Tumi brand is expected to achieve high unit or even double digit growth in these mature markets. The company plans to open 50 to 60 points of sale each year, mainly in the Asian and European markets, to drive Tumi's expansion.