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00669 TECHTRONIC IND
RTNominal up105.000 +2.200 (+2.140%)
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05/12/2019 17:35

{I-bank focus}Morgan starts Techtronic Ind (00669) at HK$69

[ET Net News Agency, 5 December 2019] Morgan Stanley Initiated coverage on Techtronic
Industries (TTI)(00669) with an "overweight" rating and target price of HK$69.
It said TTI is a global leading power tool provider, with a 16% market share in 2018
versus No. 1 player Stanley Black & Decker's 20% and No. 2 Bosch's 16%. Morgan believes
TTI's market-leading position and strong execution record, thanks to its solid R&D efforts
with a focus on cordless products, along with multi-brand portfolios, will drive further
market share gains amid rising demand for cordless power tools.
Morgan expects TTI's sales to book an 11% CAGR in 2019-22, and operating margins to rise
1.4ppt, spurred by operating leverage and higher GPM, driving a 17% EPS CAGR. (KL)

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