Techtronic Industries (0669) Fireside chat takeaways: AIDC relevance moves to the forefront as re-rating interest builds; Home Depot 1Q read-through

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Techtronic Industries (0669) Fireside chat takeaways: AIDC relevance moves to the forefront as re-rating interest builds; Home Depot 1Q read-through

Asia Pacific Equity Research

20 May 2026

Overweight

Techtronic Industries (0669) 0669.HK, 669 HK

Price: HK$117.70

Fireside chat takeaways: AIDC relevance moves to 19 May 2026

the forefront as re-rating interest builds; Home Depot Price Target: HK$176.00

1Q read-through PT End Date: 31 Dec 2027

The fireside chat we hosted yesterday (May 20) with Shane Moll Infrastructure, Industrials &

(Milwaukee Tool President) and Ross Gilardi (IR) was timely and well Transport

attended (~100 clients), coming shortly after our 6 May report, which Karen Li, CFA AC

highlighted TTI’s AIDC/grid read-throughs and the next re-rating debate. (852) 2800-8589

Investor sentiment during the fireside chat skewed skeptical on ‘relevance’ karen.yy.li@jpmorgan.com

and ‘modelability’; sentiment post-event skewed more constructive as the J.P.J.P. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/

speakers anchored the opportunity in measurable work-content, partner Sunny Su

engagement, and recurring aftermarket dynamics. Separately, Home (852) 2800 8551

Depot’s 1Q results (covered by Chris Horvers, HD US, $302.84, OW) sunny.su@jpmorgan.com

reinforced the channel backdrop for TTI, with a “good enough” beat, J.P. Morgan Securities (Asia Pacific) Limited/

stable demand, and record power tool sales, as well as explicit TAM J.P. Morgan Broking (Hong Kong) Limited

expansion and Pro segment outperformance. These read-throughs support Arjun Joshi

(91-22) 6157-3745

the durability of TTI’s channel, the resilience of power tool demand, and arjun.joshi@jpmorgan.com

the strategic alignment of Milwaukee’s Pro-led growth with broader J.P.