Glonghui, March 15 | Citi raised Samsonite's target price from HK$35.5 to HK$36.8, mainly due to strong growth in the Asian market and improvement in the company's overall profit margin, which is optimistic about Samsonite's future performance. Citi says Samsonite expects its revenue to rise by 10 to 12% year-on-year in 2024, which is significantly more optimistic than the 7 to 11% in early January. Benefiting from the recent recovery of Chinese outbound travelers, the Asian market continues to lead the way in growth, while the North American and European markets are showing medium to high unit growth. Management expects the adjusted EBITDA margin to continue to improve by 20 to 30 basis points in 2024 due to a 70 basis point increase in gross margin to about 60%, an increase in advertising and promotion expenditure ratio of 40 basis points to about 7%, and strict control of fixed expenses. Additionally, Samsonite management said that priority will be given to reducing debt and paying dividends in 2024, but there is no plan to repurchase shares.