External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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%