Morgan Stanley·2026-03-06 10:00Investment Rating - The report assigns an "Overweight" rating to the company with a target price of HKD 130 [1] Core Insights - The company reported a revenue of USD 7.43 billion for the second half of the previous year, reflecting a year-on-year growth of 2% but a half-year decline of 5%, which was slightly below Morgan Stanley's and market consensus expectations [1] - The sales performance was impacted by a pause in the sales of certain Milwaukee products and significant challenges related to tariffs affecting promotional activities [1] - In North America, sales decreased by 1% year-on-year, compared to a growth of 5% in the second half of 2024, while Europe experienced a 15% growth, slightly up from a 14% increase in the second half of 2024 [1]