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00669 TECHTRONIC IND
RTNominal up111.400 +2.700 (+2.484%)
Research Report

17/08/2020 09:29

{I-bank focus}Nomura lifts Techtronic Ind (00669) to HK$112

[ET Net News Agency, 17 August 2020] Nomura lifted its target price for Techtronic
Industries (TTI)(00669) to HK$112 from HK$75 to reflect its promising long-term growth and
maintained its "buy" rating.
Despite COVID-19, TTI's 1H earnings growth accelerated to 16% from 11%/12% in 2H 2019/1H
2019. Both the 1H net profit of US$332mn and GPM of 38% beat the consensus estimates.
The research house expects strong growth to continue from 2H on structural changes.
Nomura increased its 2020/21/22 earnings by 3%/14%/29% on higher revenue growth and GPM
assumptions. It said the stock's valuation is undemanding, trading at 22.1x/17.9x 2021/22
P/E, given TTI's 25-26% earnings CAGR in 2019-22. (KL)

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