Samsonite (1910.HK): A Global Brand Trading Below Its Potential?Samsonite Group S.A.HKEX_DLY:1910SouthernCapitalAlphaSamsonite is the world's largest luggage company, with iconic brands including Samsonite, Tumi and American Tourister. After the post-COVID travel boom, the stock has corrected as the market worries about: • Slower China growth • Normalization of travel demand • Consumer spending pressure However, the long-term investment case remains attractive: ✅ Global leader in luggage ✅ Strong brand recognition and pricing power ✅ Exposure to long-term travel growth ✅ Premium expansion through Tumi ✅ Solid free cash flow generation 📊 12-24 month valuation view My base-case scenario: • Moderate revenue growth (3-5% annually) • Stable margins • Recovery towards historical valuation multiples ➡️ Potential upside: **25-40%** Bull case: • Strong travel recovery • Continued Tumi growth • Margin expansion • Share buybacks ➡️ Potential upside: **50%+** 🚀 **Potential catalysts** • International tourism recovery • Premium luggage demand • Lower leverage • Capital returns to shareholders • Valuation rerating ⚠️ **Main risks** • Weak consumer environment • China slowdown • Lower-than-expected travel recovery • Competitive pressure 📈 **Technical view** Weekly chart shows a potential long-term accumulation area. Key levels to watch: • Historical support zones • 200-week moving average • Volume accumulation 🧳 **Investment view:** Samsonite is not a high-growth company, but a global brand with durable competitive advantages. The market may be underestimating the long-term value of a business benefiting from one of the strongest global trends: people travelling more. Not financial advice. Just my personal investment thesis.