Hong Kong Stocks Move: CHERVON (02285) Rises Over 4%, Shares Up More Than 60% Since September 10; Daiwa Bullish on Company's Valuation Re-Rating

Stock News10-16

CHERVON (02285) rose over 4%, with its share price up more than 60% cumulatively since September 10. As of press time, the stock was up 4.39% at HK$32.36, with a turnover of HK$24.7365 million.

On the news front, on September 10 this year, former Chief Executive of Techtronic Industries, Joseph Galli Jr, joined CHERVON as its new Chief Executive Officer. On October 5, CHERVON announced that its North American business would appoint four new senior executives, all of whom had previously worked at Techtronic Industries/Milwaukee for more than 10 years. To date, Joe Galli has recruited eight key management personnel within one month.

Daiwa believes that CHERVON will see a clear valuation re-rating in the coming months. The focus of this round of recruitment is on sales capabilities in the western U.S. states and strategic customers, while also covering the Canadian market. The bank expects Joe Galli's recruitment efforts to continue, with the next phase likely shifting its focus to the European market.

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