Investment Rating - The report assigns an "OUTPERFORM" rating to Samsonite International (1910 HK) with a target price of HK$37.21 [1]. Core Insights - Samsonite announced a share repurchase plan of up to USD 200 million (approximately HKD 1.56 billion), marking its first repurchase since its Hong Kong listing. This represents 4.34% of equity and 4.4% of market capitalization based on the closing price on June 6 [2][9]. - The board expresses long-term confidence in the company, believing the current stock price is below its intrinsic value, which reflects confidence in the company's long-term business and growth prospects [2][9]. - The repurchase plan aims to offset the dilution effect from previous stock option grants made in 2012 and 2022 [2][9]. - Global travel is expected to continue its recovery, with passenger travel in 2024 projected to reach 106% of 2019 levels, and a CAGR of 9.1% from 2023 to 2026 [2][9]. - The company maintains a solid position as the world's largest luggage leader, with ongoing Tumi store openings and long-term growth potential in the Asia-Pacific region [2][9]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at USD 3.96 billion and USD 4.30 billion, respectively, with year-on-year growth rates of 7.6% and 8.45% [4][6]. - Net profit is forecasted to be USD 463.22 million in 2024 and USD 511.89 million in 2025, reflecting year-on-year growth rates of 11.08% and 10.51% [4][6]. - The report anticipates a diluted EPS of USD 0.32 for 2024 and USD 0.35 for 2025, with a gross margin projected to improve from 59.28% in 2023 to 60.00% by 2026 [4][6].
新秀丽：发布回购计划，彰显长期信心