[ET Net News Agency, 14 August 2020] Daiwa Research raised its target price for
Techtronic Industries (TTI)(00669) to HK$110 from HK$75 and maintained its "buy" rating.
The research house believes that TTI's 1H results are its best in the past decade as it
illustrates convincingly the company's ability to not only navigate through tough times,
but capitalise on them.
Daiwa thinks TTI's ability to post double-digit gains in revenue while competitors see
double-digit declines shows it is going through a period of market-share-winning momentum
that sets the stage for at least 3 years of highly visible double-digit top- and
bottom-line growth.
Daiwa raised its 2020-22 EPS forecasts by 11-21% as it factored in stronger revenue
growth from accelerated market-share wins. (KL)