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00669 TECHTRONIC IND
RTNominal up116.800 +5.400 (+4.847%)
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24/04/2018 14:33

[I-bank focus]Citi cuts Techtronic Ind (00669) to HK$56

[ET Net News Agency, 24 April 2018] Citi Research cut its target price for Techtronic
Industries (TTI)(00669) to HK$56 from HK$58, and reiterated its "buy" rating.
The research house trimmed its TTI earnings estimates by 2% annually for 2018-20 amid
higher-than-expected commodity costs and after its direct comp, Stanley Black & Decker
(SBD), revised down its EPS guidance, which reflects M&A-related charges associated with
the Nelson Fastener Systems acquisition and higher-than-expected commodity costs.
That said, SBD still expects margin expansion for full-year 2018 for its tools & storage
segment, despite a 160bp contraction to 14.3% in 1Q.
Citi believes TTI should be able to pass on rising commodity costs through faster new
product development. (KL)

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