HK's power tools maker Techtronic hits record high after strong H1

Techtronic Industries Co

12/08/2021 03:45

** Shares of cordless power tools manufacturer Techtronic
Industries Co Ltd  0669.HK  surge as much as 10.2% to HK$159.80,
the record high since listing in December 1990 
    ** Stock on track for the biggest daily pct gain since Aug.
13, 2020; the biggest pct gainer on Hang Seng Index  .HSI  and
Hang Seng Commerce & Industry Index  .HSNC  
    ** Techtronic says first-half net profit jumped 57.9% y/y to
$524 mln, with sales rising 52% to $6.4 bln  urn:newsml:reuters.com:*:nFWN2PI0NF
    ** Says gross margin expands for 13th consecutive half-year,
improving to 38.6% from 38.0% a year earlier
    ** Company says positioned for a strong second half 
    ** Brokerage Daiwa reiterates "buy" rating on stock, saying
H1 results were a strong beat and Techtronic is a top pick in
the consumer discretionary sector
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
gains 0.3%, while the benchmark Hang Seng Index  .HSI  slips
0.2%
    ** The stock surged 31.1 % this year as of last close 

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