Samsonite Group SA 01910

Morningstar Rating
HK$13.29 +0.39 (3.02%)
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Company Report

Samsonite Buys the Growth It Can No Longer Find in Luggage

Samsonite is changing what it sells, and that is becoming increasingly important to the earnings outlook over the next five years. A company known for a stable portfolio of luggage brands is redirecting its growth toward lifestyle bags, a category where brands are more fleeting, growth is less predictable and, we think, margins are lower than in travel products. The 2026 purchase of Beis is the first move, and the company has said it will not be the last.

Price vs Fair Value

01910 is trading at a LOCK|QK!> premium.
Price
HK$13.29
Fair Value
P&
Uncertainty
LOCK|Jw
1-Star Price
LOCK|.<kM
5-Star Price
KH
Economic Moat
LOCK|?b>s
Capital Allocation
LOCK|KsvR@PG

Bulls Say, Bears Say

Bulls

A second listing in the US would put the shares in front of the investors whose economies generate most of the revenue, at multiples potentially double those on offer in Hong Kong.

Bears

The brand is the only thing defending the business. Manufacturing is outsourced, capital intensity is low, and a well-funded entrant can buy the same vendors and sell into the same tier.

Trading Information

Previous Close Price
HK$12.90
Day Range
HK$12.65–13.32
52-Week Range
HK$11.88–21.98
Bid/Ask
HK$13.26 / HK$13.29
Shares Outstanding
1.36B
Market Cap
HK$18.12B
Volume/Avg
2M / 3M

Key Statistics

Price/Earnings (Normalized)
8.59
Price/Sales
0.67
Dividend Yield (Trailing)
6.03%
Dividend Yield (Forward)
6.03%
Dividend Payment Schedule
Jul
Total Yield
8.18%

Company Profile

Samsonite Group designs and sells luggage, business and casual bags, and travel accessories. Its brands include Samsonite, Tumi, American Tourister, Gregory, Lipault and Kamiliant, spanning value to premium price points. Travel products generated about 64% of 2025 sales, nontravel categories the remainder. Asia accounted for roughly 37% of 2025 sales, North America 34%, Europe 23% and Latin America 6%. Company-operated stores and e-commerce accounted for 42% of sales, the balance sold through wholesale partners. Third-party suppliers in China and Southeast Asia manufacture most products, and Samsonite produces select proprietary materials in-house.
Sector
Consumer Cyclical
Industry
Footwear & Accessories
Stock Style Box
Small Value
Total Number of Employees
11,350

Competitors

Valuation

Metric
01910
MC
KER
Price/Earnings (Normalized)
8.5917.2872.94
Price/Book Value
1.532.771.51
Price/Sales
0.672.391.53
Price/Cash Flow
4.169.669.24
Price/Earnings
01910
MC
KER

Financial Strength

Metric
01910
MC
KER
Quick Ratio
0.860.661.38
Current Ratio
1.501.632.05
Interest Coverage
3.8616.081.16
Quick Ratio
01910
MC
KER

Profitability

Metric
01910
MC
KER
Return on Assets (Normalized)
5.24%7.82%1.06%
Return on Equity (Normalized)
17.95%16.56%2.98%
Return on Invested Capital (Normalized)
9.10%10.96%2.43%
Return on Assets
01910
MC
KER

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