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HK stock movement | Techtronic ind (00669) rose nearly 3%, interest rate cuts may consolidate demand, institutions expect its professional tools to grow by 12% year-on-year within the year.
Techtronic ind (00669) rose nearly 3%, as of the deadline for submission, up 2.71%, at 113.9 Hong Kong dollars, with a turnover of 0.628 billion Hong Kong dollars.
Goldman Sachs: Maintains buy rating on Techtronic Ind (00669) with target price cut to 119.3 Hong Kong dollars
Goldman Sachs expects that the professional tools of Chuangke will increase by 12% annually in 2024, while DIY tools will decline by 2% year-on-year (with a 2% recovery year-on-year in 2025).
[Brokerage Focus] Goldman Sachs slightly cut the target price of Techtronic Ind (00669) by 0.9%, as the recovery of hardware and supplies sales in the USA is relatively slow.
Goldman Sachs released a research report stating that Techtronic Ind (00669) is expected to see a 12% annual growth in professional tools in 2024, while DIY tools are expected to decline by 2% year-on-year (recover by 2% annually in 2025). Considering the relatively sluggish recent home sales volume in the USA, the recovery of hardware and supplies sales in the USA seems to be relatively slow, leading to a 1% to 2% downward adjustment in earnings per share for Techtronic Ind from 2024 to 2030. The target price is slightly reduced by 0.9% from 120.4 Hong Kong dollars to 119.3 Hong Kong dollars. The "buy" rating is maintained.
Does Techtronic Industries (HKG:669) Have A Healthy Balance Sheet?
Techtronic Ind (00669.HK) appointed Tony Fung as an independent non-executive director.
Techtronic Ind (00669.HK) announced the appointment of Mr. Wong Tze Chuen and Ms. Wu Jiahui as independent non-executive directors, effective from October 7, 2024.
Citi: Buy rating on techtronic ind, target price raised to 140 Hong Kong dollars.
Citi released a research report stating that due to the profit recovery, a "buy" rating was given to Techtronic Ind (00669), with an expected compound annual growth rate of about 18% for earnings per share for the Group from 2024 to 2026. The target price has been raised from 120 Hong Kong dollars to 140 Hong Kong dollars. The report mentioned that under a scenario of declining interest rates in the USA or the EU, the company's financing costs will decrease, and the real estate market and construction activities may improve, thus raising the earnings estimates for the Group by 1 to 2% for 2025 to 2026. The bank expects that it will take 6 to 9 months for the Group to see positive earnings impact after the Fed rate cut, which should stimulate the housing market.
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