Great Wall 17th October | Daiwa released a report stating that the third quarter business trend of Samsonite is expected to be similar to the second quarter, with most of its main markets continuing to slow down. Due to a particularly high base effect, it is expected that the third quarter adjusted EBITDA will decline by 10% year-on-year. The bank has reduced its target price from HK$30 to HK$25, maintaining a "buy" rating. The bank expects that Samsonite's business performance in the fourth quarter will not change significantly, believing that the valuation of 8.8 times the 2025 PE ratio has already factored in most negative factors, and share buybacks also provide some downside protection. In addition, the bank believes that its second listing in the USA may be delayed until the first half of next year.