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00669 TECHTRONIC IND
RTNominal up108.800 +2.300 (+2.160%)
Research Report

11/11/2019 11:47

{I-bank focus}Nomura raises Techtronic Industries to HK$75

[ET Net News Agency, 11 November 2019] Nomura raised its target price for Techtronic
Industries (TTI)(00669) to HK$75 from HK$57.05 and maintained its "buy" rating.
The research house said TTI and its flagship brand, Milwaukee, are dedicated to not only
"cutting the cord" but also "cutting the hose" and aim to replace all corded tools with
cordless counterparts. Cordless power tools currently account for less than 50% of the
market globally, thus Nomura believes TTI has scope to grow.
The latest announced MX Fuel series will target the heavy power tool market, which could
start to boost sales into mid-2020, Nomura said. On an annual basis, around one-third of
TTI's total sales are driven by new products, helpful for GPM improvement as well. (KL)

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