Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of $15.26 billion for 2025, representing a year-on-year increase of 4.4%, and a net profit attributable to shareholders of $1.198 billion, up 6.8% year-on-year [1] - The Milwaukee brand led revenue growth, with North America revenue increasing by 3.5% and Europe by 9%, while other regions saw a slight decline of 0.3% [2] - The gross margin improved to 41.2%, up 0.9 percentage points year-on-year, driven by the high-margin Milwaukee business and operational efficiency improvements in other segments [3] - The company expects strong growth in its core Milwaukee and Ryobi businesses in 2026, with profit margins anticipated to expand as tariff relief measures are implemented [4] Financial Performance Summary - For 2026, the company is projected to achieve revenues of $16.3 billion, a 7% increase year-on-year, and a net profit of $1.37 billion, reflecting a 14% growth [5] - Earnings per share (EPS) are expected to be $0.75 in 2026, with a price-to-earnings (PE) ratio of 20x based on the closing price of HKD 119.1 on March 6, 2026 [5] - The company’s gross margin is forecasted to improve to 41.74% in 2026, with net profit margins increasing to 8.39% [11]