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    669   HK0669013440

TECHTRONIC INDUSTRIES CO. LTD.

(669)
  Report
Delayed Hong Kong Stock Exchange  -  04:08 2022-09-26 am EDT
85.00 HKD   -0.23%
08/30TECHTRONIC INDUSTRIES CO. LTD. : Ex-dividend day for interim dividend
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08/10Techtronic Industries Stock Gains After First-Half Profit Rise
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08/10TRANSCRIPT : Techtronic Industries Company Limited, Q2 2022 Earnings Call, Aug 10, 2022
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Techtronic Industries Stock Gains After First-Half Profit Rise

08/10/2022 | 11:19pm EDT

By Clarence Leong


Shares of Techtronic Industries Co. jumped sharply Thursday morning in Hong Kong after the company posted a 10% rise in first-half net profit.

The stock rose 9.8% to 95.50 Hong Kong dollars (US$12.17), heading toward its biggest one-day percentage gain since mid-March. The gain also helped pare year-to-date losses to 38%.

The Hong Kong-based company, which manufactures electrical and electronic products, said in a late Wednesday filing that net profit for the first six months increased to US$578.0 million from US$523.7 million a year earlier.

Its gross profit margin expanded for the 14th straight first-half period, rising to 39.1% from 38.6%, while revenue grew 10% to US$7.03 billion, it said.

Analysts at Citi said in a note that Techtronic Industries' operating profit growth significantly outperformed that of peers Stanley Black & Decker Inc. and Makita Corp., even though they all faced the same cost pressure.

Broad declines in commodity prices since June should bode well for Techtronic Industries' margin expansion in the second half, they added.

Nevertheless, the company has trimmed its 2022 revenue guidance to mid-single-digit growth from high-single-digit growth, on account of excessive retail inventory, Citi noted. But it also expects that the inventory issue "may only last for a while," so the company projects that revenue growth will return to the high-single-digit area next year, according to Citi.

The U.S. bank cut its target price on the stock to HK$135 from HK$145 but retained a buy rating, keeping Techtronic Industries as its top pick in the Chinese industrial sector.

The city's benchmark index Hang Seng Index was recently 1.0% higher.


Write to Clarence Leong at clarence.leong@wsj.com


(END) Dow Jones Newswires

08-10-22 2318ET

Stocks mentioned in the article
ChangeLast1st jan.
MAKITA CORPORATION -2.58% 2905 Delayed Quote.-38.93%
STANLEY BLACK & DECKER, INC. -2.22% 78.98 Delayed Quote.-58.13%
TECHTRONIC INDUSTRIES CO. LTD. -0.23% 85 Delayed Quote.-45.10%
All news about TECHTRONIC INDUSTRIES CO. LTD.
08/30TECHTRONIC INDUSTRIES CO. LTD. : Ex-dividend day for interim dividend
FA
08/10Techtronic Industries Stock Gains After First-Half Profit Rise
DJ
08/10TRANSCRIPT : Techtronic Industries Company Limited, Q2 2022 Earnings Call, Aug 10, 2022
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08/10Techtronic Industries Company Limited Appoints Virginia Davis Wilmerding as Member of t..
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08/10TECHTRONIC INDUSTRIES : TTI Delivers Strong 2022 First Half Results
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08/10Techtronic Industries Company Limited Announces Interim Dividend for the Six Months End..
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08/10Techtronic Industries Company Limited Reports Earnings Results for the Half Year Ended ..
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08/10TECHTRONIC INDUSTRIES CO. LTD. : Half-year results
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08/10TECHTRONIC INDUSTRIES CO. LTD. : Press Release
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08/04TECHTRONIC INDUSTRIES : TTI to Host its 2022 Interim Results Analyst and Investor Webcast ..
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More news
Analyst Recommendations on TECHTRONIC INDUSTRIES CO. LTD.
More recommendations
Financials (USD)
Sales 2022 14 046 M - -
Net income 2022 1 190 M - -
Net Debt 2022 1 223 M - -
P/E ratio 2022 16,9x
Yield 2022 2,39%
Capitalization 19 913 M 19 913 M -
EV / Sales 2022 1,50x
EV / Sales 2023 1,30x
Nbr of Employees 47 568
Free-Float 74,8%
Chart TECHTRONIC INDUSTRIES CO. LTD.
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Techtronic Industries Co. Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends TECHTRONIC INDUSTRIES CO. LTD.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Last Close Price 10,85 $
Average target price 16,79 $
Spread / Average Target 54,7%
EPS Revisions
Managers and Directors
Joseph G. Galli Chief Executive Officer & Executive Director
Chi Chung Chan Group Chief Financial Officer & Executive Director
Horst Julius Pudwill Chairman
Kin Wah Chan Executive Director & Operations Director
Peter David Sullivan Independent Non-Executive Director
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