Daiwa Reaffirms Buy Rating on Chervon with HK$40 Target, Notes Hiring of Four More Former Techtronic and Milwaukee Veterans

Stock News10-07 16:58

Daiwa has issued a research report reaffirming its "Buy" rating on Chervon (02285), with a target price of HK$40, corresponding to approximately 15 times the forecast price-to-earnings ratio for 2027.

Joe Galli, former Chief Executive Officer of Techtronic Industries (00669), joined Chervon last month, and the company recently announced that it will appoint four new senior executives to its North American business, all of whom have worked at Techtronic Industries or Milwaukee for more than ten years.

Daiwa noted that, including earlier appointments, Joe Galli has recruited eight core management members within a single month, primarily focusing on the western U.S. states and the Canadian market.

The firm believes Galli will continue to add more personnel, with Europe expected to be the next potential market for expansion.

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