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00669 TECHTRONIC IND
RTNominal down106.100 -3.000 (-2.750%)
Others

12/09/2019 14:47

{I-bank focus}Daiwa lifts Techtronic Ind (00669) to HK$65

[ET Net News Agency, 12 September 2019] Daiwa Research raised its target price for
Techtronic Industries (TTI)(00669) to HK$65 from HK$63 and maintained its "buy" rating.
The research house has recently visited TTI's Milwaukee Tool headquarters in Wisconsin,
the US. It came away with an overall positive impression based on (1) the strong growth
visibility of its Milwaukee brand, (2) speed-to-market ensured by the 24-hour R&D
collaboration between the US and China facilities, and (3) tariff overhangs being partly
mitigated by diversification of production facilities.
Daiwa forecast the brand to post US$4.5bn in revenue for 2019, translating into 68%
(from 62% in 2018) of TTI's 2019 revenue for the power tool division, and exceeding its
US$5bn target for 2020. Daiwa revised up its 2019-21 EPS by 2-5% for TTI after factoring
in stronger revenue growth visibility for Milwaukee. (KL)

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