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<Research> CLSA Lowers TP for TECHTRONIC INDUSTRIES (00669.HK) to HKD134; Flagship Brands Show Stable Growth
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CLSA published a research report stating that TECHTRONIC INDUSTRIES (00669.HK)'s flagship brands, Milwaukee and Ryobi, recorded mid to high single-digit growth. However, due to restructuring and macroeconomic uncertainties, other business segments may still pose a drag. Milwaukee's 15% sales growth was driven by the data center sector, and it is believed that, with its dominant position in the mechanical, electrical, and plumbing engineering fields, it can achieve double-digit growth in the long term, providing highly visible demand in the non-residential end market. Considering the adjustment of lower-margin businesses, CLSA lowered TECHTRONIC INDUSTRIES' earnings forecasts for 2026 to 2028 by 1.1% to 3.4%. However, as the company announced the cancellation of 300,000 share buybacks yesterday and plans to conduct a USD500 million buyback over the next 18 months, the firm slightly raised the target P/E ratio from 19.5x to 19.8x to reflect investor approval of the buyback amid macroeconomic uncertainties. The target price was reduced from HKD136 to HKD134, maintaining an "Outperform" rating. (ec/a) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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