According to Zhitong Finance, Samsonite (01910) fell nearly 5%. As of the time of writing, it dropped 4.76%, trading at HKD 17.81, with a turnover of HKD 37.1124 million.

UBS Group issued a research report stating that it has recently received numerous inquiries from investors asking about the fundamental reasons for Samsonite’s weak share price (down 6%) since the announcement of its dual listing progress in the United States in mid-February. UBS learned from investor feedback that the weakness may be attributed to concerns over the group’s offering price discount of up to 15% and related share dilution, which investors believe overshadowed the potential for valuation re-rating to align with global peers after the U.S. listing.

However, UBS pointed out that recent earnings announcements from global airlines, online travel agencies, hotels, and luxury goods companies have provided relatively positive indications, which could be indicative for the group’s revenue trends. Over the past seven quarters, Samsonite’s revenue trend has been highly correlated with LVMH. Additionally, UBS expects that the recent ruling by the U.S. Supreme Court on the legality of U.S. tariffs and subsequent tariff adjustments should effectively reduce the tariff rate faced by the group to a low-to-mid single-digit percentage within the next five months. It is anticipated that its U.S. wholesale customers may take advantage of this window period to replenish inventories amid strong travel demand, thereby driving the group’s revenue recovery in the U.S. market.