Techtronic Industries Co Ltd: The tools of the trade: field trip takeaways

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Techtronic Industries Co Ltd: The tools of the trade: field trip takeaways

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Techtronic Industries Co Ltd

The tools of the trade: field trip takeaways

Reiterate Rating: BUY | PO: 141.60 HKD | Price: 128.30 HKD

Field trip takeaways 17 July 2026

BofA hosted Tim Albrecht (Milwaukee Group President) & Ross Gilardi (IR) for an Equity

investor field trip in Boston (06/12), including site visits with a contractor & investor-

owned utility. The trip highlights how the utility space is a ‘sweet spot’ for Milwaukee:

Key Changesstrong growth, critical infrastructure, specialty tools that improve productivity & safety

for craft labor (linemen, etc) are valued at a premium. Milwaukee’s partnership model is (US$) Previous Current

deeply embedded with craft labor. Milwaukee employees who go onsite with utility Price Obj. HK$118.00 HK$141.60

workers train alongside linemen to be OSHA certified to be on work sites and to be able

to get a true sense of where pain points are in workflows & develop bespoke tools that Michael Feniger

Research Analyst

drive productivity. The field trip supports our takeaways from our event with TTI’s CEO – BofAS

shifts in construction spending dollars is towards Milwaukee’s ‘sweet spot’ (complexity, +1michael.feniger@bofa.com646 855 1923

premium products, power, DC) underpins a path towards 10% EBIT target. Reiterate Buy. Sherif El-Sabbahy

BofASMilwaukee adds productivity and removes pain points sherif.el-sabbahy@bofa.com

Within the utility sector, hydraulic tools were commonplace given high voltage Nandita Nayar

applications. Milwaukee developed a shielded motor to allow cordless tools to be used Research Analyst

without electrical interference – resulting in reduced weight, better access (no hydraulic BofASnandita.nayar@bofa.com