HK Stock Market Move | TECHTRONIC IND (00669) falls more than 3%, with some of the company's businesses possibly impacted by restructuring and macroeconomic uncertainty.

TECHTRONIC IND (00669) fell more than 3%, dropping 2.7% to 104.7 Hong Kong dollars as of the time of writing, with a turnover of 176 million Hong Kong dollars. On the news front, a report from Lyon pointed out that TECHTRONIC IND's flagship brands Milwaukee and Ryobi recorded a mid to high single-digit growth, but restructuring and macro uncertainty may still weigh on other businesses. Milwaukee's 15% sales growth comes from data centers, and the company believes that with its leading position in the mechanical, electrical, and plumbing engineering sectors, long-term double-digit growth can be achieved, bringing visible demand in the non-residential end market. The bank believes that considering the lower-profit business adjustments, TECHTRONIC IND's profit forecasts for 2026 to 2028 have been lowered by 1.1% to 3.4%. However, as the company announced the cancellation of a buyback of 300,000 shares yesterday and plans to repurchase $500 million in the next 18 months, the bank has slightly raised its target price-earnings ratio from 19.5 times to 19.8 times to reflect investor recognition of the buyback amid macro uncertainty.