Riding on the US housing market boom
■ We expect 23% net profit growth in1H21F, supported by 18% topline growth and 60bp GPM expansion, boosted by both DIY and professional segments.
■ We believe TTI will deliver 14% revenue CAGR and consistent 50bp GPM expansion p.a. in FY20-23F, driven by rollout of new products and expansion in non-US markets.
■ Reiterate Add. TP raised to HK$146.40, based on 30x FY21F P/E.