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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.
[Brokerage Focus] Citigroup raises Techtronic Ind (00669) target price to HK$140, pointing to the rate cut cycle as bullish for it.
King's Financial News | Citigroup's research reports pointed out that although Home Depot cut its performance guidance in the second quarter of 2024, the demand for Techtronic Ind's (00669) products has remained strong over the past year. Due to interest rate cuts in the USA/EU, financing costs have decreased, and the real estate market and construction activities may improve. The bank will adjust Techtronic Ind's profit forecast for 2025-2026 by 1-2%. The bank believes that the Fed's interest rate cut until 2026 is a bullish factor, and the rate reduction may consolidate demand. The bank has raised its target price to HK$140.
Institutional Investors Have a Lot Riding on Techtronic Industries Company Limited (HKG:669) With 45% Ownership
Techtronic ind (00669.HK) exercised the purchase of stock rights to issue an additional 0.01 million shares.
Grainews September 25th 丨 Techtronic Ind (00669.HK) announced that on September 25, 2024, in accordance with the stock option plan adopted after listing (adopted on May 29, 2007), 0.01 million shares were issued by exercising the granted stock options.
Hong Kong stocks closed (09.16) | The Hang Seng Index rose 0.31%, and shares of innovative drug concept stocks led the gains. Yimingang Corporation (01541) doubled in value in three days.
Affected by multiple bearish news over the weekend, the Hong Kong stock market opened lower in the morning, but then maintained a volatile rise throughout the day. As of the close, the Hang Seng Index rose by 0.31% or 53.03 points, to 17422.12 points.
HK stocks rise | Techtronic Ind (00669) now up more than 3%, North American interest rate cuts may boost tool terminal demand, while domestic housing repair and maintenance demand is expected to emerge.
Techtronic ind (00669) is up more than 3%, as of the time of publication, up 3.33%, at 108.5 Hong Kong dollars, with a turnover of 0.18 billion Hong Kong dollars.
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