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

23/09/2019 15:40

{I-bank focus}Techtronic seen better weathering tariff risk

[ET Net News Agency, 23 September 2019] Citi Research has recently visited Techtronic
Industries' (TTI)(00669) factory in Dongguan which has exposure to the last batch of
US$300bn sanction list.
The research house thinks TTI should better weather the risk on stronger pricing power
so TTI can inflate the price gradually. Citi estimated TTI has 25% (at most) revenue
exposure as power tools under the US$300bn sanction list. It thinks more than half of
which is immune to the tariff as it makes most value-added part outside China.
Citi thinks TTI's Vietnam plant will come on board from 2021 to mitigate the tariff
impact for the US business. TTI management, therefore, keeps the guidance of HSD (High
Single Digit) revenue growth and EBIT margin expansion for 2019. (KL)

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