Daiwa expects SAMSONITE's sales growth to slow in the second quarter due to the impact of the Middle East conflict on travel demand. However, they anticipate month-on-month sales improvement in the quarter and continued quarter-on-quarter growth in the second half of the year. Despite lowering EPS forecasts and the target price, they maintain a Buy rating due to potential short-term catalysts such as improved sales following a ceasefire and management's plans for a dual listing in the US in 2026.