Morgan Stanley: Techtronic Industries' performance in the second half of last year was roughly in line with expectations, rating "Overweight"

Morgan Stanley's research report pointed out that Techtronic Industries (00669.HK) announced its performance for the fiscal year 2025 yesterday, with sales in the second half of last year amounting to USD 7.43 billion, a year-on-year increase of 2%, but a decrease of 5% compared to the previous half, slightly below Morgan Stanley and market consensus expectations. This reflects a pause in the sales of some Milwaukee products and the particularly severe impact of tariffs on promotional activities, with North American sales down 1% year-on-year, compared to a 5% increase in the second half of 2024, while Europe saw a 15% increase, compared to a 14% increase in the second half of 2024.

Morgan Stanley set a target price of 130 HKD for the group, with a rating of "Overweight."