Having pulled apart the leg shield and the compartment hinges, latch and bowden cable I would not trust leaving anything too valuable for any length of time in there. I suspect one decent tug and the latch would be gone. It's just a fairly flimsy piece of plastic holding it closed. I trust (and only just) stuff to under seat or top box if on.
The latch on mine holds quite a bit firmer when the handle bar is locked compared to when it's not. I don't rely on any of these kind of locks not even the seat lock against a determined thief, just the casual creep.
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