Samsonite International SA: Strong Buy Rating Amidst Stabilizing Fundamentals and Attractive ValuationWe nudge up our 2024 estimates for Samsonite to reflect the better trends in 4Q24, but trim our estimates mildly for 2025-26 to bake in 1) softer demand potentially in the US and Europe due to higher recession risks, trade barriers and geopolitical tension; 2) a stronger USD, so higher FX headwinds. Our cautious assumptions may look premature as air travel demand looks robust - US TSA throughput was up 3% in Jan/Feb, and Asia/Europe are likely higher than that. However, US domestic consumption appeared to be a little lukewarm in Jan (reasons unclear, could be cold weather), and there could be negative spill-over effect to Europe from US' policy changes. Hence, we think it's reasonable to make conservative assumptions for now.