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>China’s reopening is not only the last missing puzzle to global travel recovery, but also serves as another solid driver to extend Samsonite’s earnings upcycle, subsequent to that in the first two months of the year.</li><li>We forecast the event will provide a strong boost to Asia revenue for the year with 1) 55% YoY growth that looks to be another new high, subsequent to 20%/ 33% growth in 2020-21, and 2) a more accretive regional mix that leads an expanded GPM. Speaking of the latter, a higher TUMI contribution (currently c.25%) would also be helpful as the brand has historically been strong in the region.</li><li>These drivers should aid management to attain its target for the year, and Samsonite’s upcoming 1Q reporting is likely to be just one of the robust quarters along this re-rating trajectory. </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>

China’s reopening is not only the last missing puzzle to global travel recovery, but also serves as another solid driver to extend Samsonite’s earnings upcycle, subsequent to that in the first two months of the year.We forecast the event will provide a strong boost to Asia revenue for the year with 1) 55% YoY growth that looks to be another new high, subsequent to 20%/ 33% growth in 2020-21, and 2) a more accretive regional mix that leads an expanded GPM. Speaking of the latter, a higher TUMI contribution (currently c.25%) would also be helpful as the brand has historically been strong in the region.These drivers should aid management to attain its target for the year, and Samsonite’s upcoming 1Q reporting is likely to be just one of the robust quarters along this re-rating trajectory. 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) – Another high growth year for Asia