Alex Feng and Jason Quan from Rome Capital Limited join the podcast to discuss their thesis on Samsonite International (1910.HK), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company.

Alex Feng's write-up on Samsonite: https://alexfeng.substack.com/p/samsonite-1910-hk-another-homecoming

Chapters:

[0:00] Introduction + Episode sponsor: Ycharts

[1:51] Alex Feng, Jason Quan and Rome Capital's backgrounds

[3:15] Overview of Samsonite and why it's interesting to Alex and Jason

[6:00] What is the average market participant missing with Samsonite

[9:25] Why is Samsonite valuation a "cheap" multiple (in Rome Capital's opinion); why Samsonite a "A" business and not a "C" business; pricing power / consumer awareness

[17:02] How important is Samsonite's warranty on their products / supply chain

[21:18] Samsonite's dual listing plan / does Alex and Jason think that simply re-listing to the US can re-rate the shares

[29:00] Instead of dual-listing, why not focus on buybacks

[33:40] What happened to the private equity bid; history with CBC back in 2007

[36:13] Wholesale partners, is that one of their competitive advantages / how much does advertising really drive demand and consumption

[39:47] Barriers to entry - what is the risk here with new luggage brands entering the market

[45:49] Final thoughts on Samsonite

Today's sponsor: Ycharts

This episode is sponsored by our friends at YCharts, the ultimate platform you need in your toolkit for turning your financial insights into captivating client conversations.

With YCharts, each output is a powerful visual that brings your analyses to life and intuitively explains the “why” behind your strategy. Don’t get bogged down in the nitty-gritty of data and report creation — with features like PDF Reports, proposal generation, fundamental charts, and free content resources, YCharts gives you the visual edge you need to make a lasting impression and seal the deal.

Click here to start your free YCharts trial and level up your game with YCharts: https://go.ycharts.com/yet-another-value

Rome Capital's Alex Feng and Jason Quan making the case for Samsonite $1910.HK

Yet Another Value Podcast