大和发布研报称，将新秀丽（01910）2025年每股盈利预测下调2%，但基于亚洲与北美市场复苏可能更强劲，将2026年每股盈利预测上调3%；维持“持有”评级，因目前缺乏催化剂且能见度仍然偏低。不过，该行认为在全球旅游需求持续支持下，2026年有望迎来更强劲复苏；目标价由15港元微升至16港元。
该行称，由于低基数效应，预期新秀丽第三季收入跌幅将收窄至1.4%，符合管理层指引。该行亦预期Tumi整体表现会有改善，而American
Tourister则仍是表现最疲弱的品牌。
由于区域结构变化与营运去杠杆，该行预期经调整EBITDA利润率仍将承压；料第三季毛利率及经调整EBITDA利润率分别同比跌0.7及0.6个百分点，至58.6%及17%。对于印度业务在2026年的转机，该行持审慎乐观态度，因当地主要竞争对手完成重大重组后，市场竞争可望趋向理性。该行亦相信美国双重上市计划仍在推进中，但最早或要到2026年中才能落实。
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