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00669 TECHTRONIC IND
RTNominal down106.000 -0.500 (-0.469%)
Research Report

13/08/2020 17:17

{I-bank focus}Citi raises Techtronic Industries to HK$105

[ET Net News Agency, 13 August 2020] Citi Research raised its target price for
Techtronic Industries (TTI)(00669) to HK$105 from HK$90 and maintained its "buy" rating.
The research house said TTI's 1H results beat strongly. Interim dividend payout rose a
bit to 37.6% from 37.1%. Citi thus raised its FY2020-22 earnings forecasts by 8-10%.
Citi projected 2H earnings growth would be a bit higher to 18% as Milwaukee revenue
growth will notably outrun DIY/outdoor growth on resumption of construction activities
since late May after lockdown in April. It believes the US retailers are restocking again
in 3Q after the inventory reduction in 2Q on lockdown. (KL)

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