[ET Net News Agency, 22 January 2020] UBS Global Research initiated coverage on
Techtronic Industries (TTI)(00669) with a "buy" rating and a target price of HK$82.
The research house said, as of 1H 2019, the North American market accounted for 76% of
TTI's revenue, while China contributed 80% of total output. TTI responded swiftly to trade
uncertainties by shifting production to Vietnam right after the first round of additional
tariffs came into effect.
Management expects China output to decrease from 80% of total production as of 1H 2019
to 50% over the next few years. TTI's manufacturing network was already well-diversified
across the US, Europe, and Asia before the trade war.
UBS said its balance sheet is healthy, with net gearing at 7% and US$1.2bn of cash on
hand, as of 1H 2019. (KL)
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00669 TECHTRONIC IND
Nominal 
108.800 +2.300 (+2.160%) Others
22/01/2020 17:42
{I-bank focus}UBS starts Techtronic Ind (00669) at HK$82
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