External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Our NDR with Samsonite’s management indicated a rather stable 4Q and hence a maintained full-year 2023 guidance with high-teen sales increase year-overfour-year (Yo4Y), 59%+ gross margins and 19%+ adjusted EBITDA margins.</li><li>Specifically, for the December-quarter, management preliminarily commented that 1) cFX sales growth Yo4Y would be somewhere between mid-to-high teen, excluding Russia &amp; Speck; 2) adj. EBITDA margin will be slightly below 3Q23, but will remain close to 19%, 3) A&amp;P ratio will hover between 6.5-7.0% of sales, and 4) adverse F/X impact will become more apparent, especially that from Turkey and Argentina.</li><li>We believe these should match investors’ expectation and help Samsonite circumvent any de-rating risks entering the March reporting season. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our NDR with Samsonite’s management indicated a rather stable 4Q and hence a maintained full-year 2023 guidance with high-teen sales increase year-overfour-year (Yo4Y), 59%+ gross margins and 19%+ adjusted EBITDA margins.Specifically, for the December-quarter, management preliminarily commented that 1) cFX sales growth Yo4Y would be somewhere between mid-to-high teen, excluding Russia &amp; Speck; 2) adj. EBITDA margin will be slightly below 3Q23, but will remain close to 19%, 3) A&amp;P ratio will hover between 6.5-7.0% of sales, and 4) adverse F/X impact will become more apparent, especially that from Turkey and Argentina.We believe these should match investors’ expectation and help Samsonite circumvent any de-rating risks entering the March reporting season. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsonite (1910 HK) – 4Q Preview: Sales/Adj. EBITDA +18%/+36%

<ul><li>Consistent to our preview, Samsonite 3Q revenue/adjusted net profit kicked in at US$958mn/126mn, up +21.2%/93.9% YoY.</li><li>The results were mainly driven by 29.3% TUMI brand sales, with China strength, on a regional basis, continued to outpace the average.</li><li>Gross margin of 59.6% and adjusted EBITDA margin of 20.3% both reached record highs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consistent to our preview, Samsonite 3Q revenue/adjusted net profit kicked in at US$958mn/126mn, up +21.2%/93.9% YoY.The results were mainly driven by 29.3% TUMI brand sales, with China strength, on a regional basis, continued to outpace the average.Gross margin of 59.6% and adjusted EBITDA margin of 20.3% both reached record highs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsonite (1910 HK) – 3Q Rev/NP +21%/94%; Low-Teen Growth for 2024E

<ul><li>In contrary to a normalised quarter that we expect for Prada (1913 HK, BUY), we forecast Samsonite to extend its strength from 1H and report 3Q revenue/adj EBITDA of US$950/180mn (+20%/+36%).</li><li>We envisage this will be much driven by an intact global travel demand during summer holiday, which effectively manifested into luggage and bags sell-through.</li><li>By region, we look for revenue in North America/Europe/APAC to grow by 7%/35%+/20%+ to US$310/330/260mn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In contrary to a normalised quarter that we expect for Prada (1913 HK, BUY), we forecast Samsonite to extend its strength from 1H and report 3Q revenue/adj EBITDA of US$950/180mn (+20%/+36%).We envisage this will be much driven by an intact global travel demand during summer holiday, which effectively manifested into luggage and bags sell-through.By region, we look for revenue in North America/Europe/APAC to grow by 7%/35%+/20%+ to US$310/330/260mn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsonite (1910 HK) – 3Q Preview: Rev/Adj EBITDA +20%/36%

<ul><li>Samsonite reported a beat in its 1H results with both gross margins and adjusted EBITDA margins kicking-in at 58.8% and 18.8% (vs CMBI estimates 57.0% and 17.2%), respectively.</li><li>Major driving forces were 1) 116% stack growth in organic sales vs 2019, 2) higher TUMI contribution that boosts gross margins, and 3) a 3.2pp YoY lower fixed SG&amp;A base as a result of ongoing cost initiative since 2019.</li><li>In our view, Samsonite has successfully steered itself out of the pandemic doldrums and the strength we have seen in 1H will continue to extent into 2H of the year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsonite reported a beat in its 1H results with both gross margins and adjusted EBITDA margins kicking-in at 58.8% and 18.8% (vs CMBI estimates 57.0% and 17.2%), respectively.Major driving forces were 1) 116% stack growth in organic sales vs 2019, 2) higher TUMI contribution that boosts gross margins, and 3) a 3.2pp YoY lower fixed SG&amp;A base as a result of ongoing cost initiative since 2019.In our view, Samsonite has successfully steered itself out of the pandemic doldrums and the strength we have seen in 1H will continue to extent into 2H of the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsonite (1910 HK) – 2Q Rev/Np +33%/49%; Strength Extending to 2H

Thematic (Sector/Industry)

<ul><li>We untangle the “household excess saving” enigma.</li><li>Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.</li><li>In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We untangle the “household excess saving” enigma.Instead of a silver bullet, we consider it a status-quo in which consumers are confident enough to spend (or invest) beyond their pre-pandemic budgets by tapping into their savings accumulated during the pandemic, after they first normalize their spending to prepandemic level.In other words, we believe the use of “excess saving” would predominantly kick-in upon a full-fledged consumption recovery. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer – From Reopening to Recovery

United States

Samsonite International SA designs, manufactures, and distributes luggage. The Company's products include suitcases, garment bags, casual bags, business cases, clothing, shoes, and accessories. Samsonite also licenses their trademarks for use on products such as travel accessories, leather goods, handbags, clothing, and furniture.

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Samsonite (1910 HK)