CHERVON (02285) Surges Over 3%; Daiwa Expects New Executive Recruitment Drive to Continue, Next Phase May Focus on Europe

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According to Zhitong Finance APP, CHERVON (02285) rose over 3%, up 2.6% as of press time to HK$31.54, with a turnover of HK$33.6897 million.

On the news front, a Daiwa research report pointed out that on October 5, CHERVON announced the appointment of 4 new senior executives for its North American business, all of whom had previously worked at Techtronic Industries (00669)/Milwaukee for more than 10 years. So far, Joe Galli, the former Chief Executive of Techtronic Industries who recently joined CHERVON, has recruited 8 key management personnel within one month. This round of recruitment focuses on sales capabilities in the western states of the United 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 focus to the European market.

Daiwa believes that CHERVON will see a clear valuation re-rating in the coming months.

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