HK's cordless power tools maker Techtronic hits all-time high, banks lift PT

Techtronic Industries Co

16/08/2021 06:09

** Shares of cordless power tools manufacturer  0669.HK 
rise 2.5% to HK$169.90, their all-time high since listing in
December 1990
    ** Stock on course for third consecutive session of gains;
the fourth biggest pct gainer on Hang Seng Commerce & Industry
Index  .HSNC  and the seventh biggest on benchmark Hang Seng
Index  .HSI 
    ** Morgan Stanley maintains "overweight" on Techtronic but
lifts PT to HK$183 from HK$160 on the back of solid H1 revenue
and a bright outlook driven by market share gains from
aggressive marketing and product development efforts, on top of
a firm GPM expansion trajectory
    ** HSBC maintains "buy" rating on stock and lifts PT to
HK$195 from HK$160 on seeing firm to continue its growth
momentum into H2 driven by cordless penetration growth and U.S.
infrastructure stimulus
    ** Daiwa reiterates "buy" rating on Techtronic but lifts PT
to HK$200 from HK$150 on expecting GPM improvement to continue
    ** Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
fall 1.8%, and the benchmark Hang Seng Index  .HSI  slips 0.6%
    ** Stock surged 49.9% this year ,as of last close

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))