In the update of November 7 by格隆汇, Daiwa's report pointed out that if Trump is re-elected as the President of the USA, the stock prices of Chinese export companies will fall. techtronic ind also fell yesterday, possibly due to market concerns that the USA may impose new tariffs on China. However, Daiwa believes that the market's worries about potential new tariffs may be exaggerated because techtronic ind has diversified global production layout. According to the bank's estimation, next year, China's production capacity will only account for one-third of its total capacity, and they believe the company has bargaining power, reiterating a 'buy' rating. Daiwa lowered techtronic ind's profit forecast for the next two years by 1 to 2%, based on a more pragmatic profit margin expansion forecast. However, the target price was raised from 120 Hong Kong dollars to 127 Hong Kong dollars, equivalent to a forecast pe ratio of 22 times.