TTI stock forecast
TTI's weighted price is HK$143.19 in October 2029, an 18% return including dividends. TTI's outcome hinges on Milwaukee gains, stronger Ryobi repeat buying and smooth factory transfers.
Where could TTI's shares be by 2029?
The October 2029 range is HK$91.69 to HK$226.47. Today’s price is HK$130.60. The base case has the highest probability at 54%. The bear case has 28%. The bull case has 18%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 28 % | 112.58 (-12 %) | 102.02 (-17 %) | 91.69 (-23 %) |
| Base | 54 % | 150.12 (+17 %) | 148.29 (+19 %) | 142.14 (+17 %) |
| Bull | 18 % | 187.56 (+46 %) | 211.86 (+68 %) | 226.47 (+83 %) |
| Weighted | 100 % | 146.35 (+15 %) | 146.78 (+18 %) | 143.19 (+18 %) |
What this means. The weighted row is the probability-based average of the bear, base, and bull prices, not a guaranteed future share price.
What has to go right for TTI's forecast?
The bear assumes weaker reorders, slower factory transfers and falling normalized margins. The bull requires Milwaukee gains, stronger Ryobi repeat buying and smooth transfers. First-half 2026 net income rose to US$738.407m, while Milwaukee’s underlying growth was 10.5%, supporting continued progress but not guaranteeing the bull outcome.
How much cash does TTI really make?
TTI’s own count was US$1,395 million because it excludes lease payments and includes equipment-disposal proceeds. A more conservative view subtracts US$39.31 million of share-based compensation. That is not a current cash payment, but it recognizes the cost of dilution borne by shareholders.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| = Free cash flow | 1,227.494 | 1,417.218 | 1,069.795 | 109.904 | -1,259.457 |
| − Stock pay | 39.31 | 58.811 | 46.945 | 47.346 | 33.573 |
| = Real free cash flow | 1,188.184 | 1,358.407 | 1,022.85 | 62.558 | -1,293.03 |
| Free cash flow — the company's own count | 1,395 | 1,591 | 1,281 | 329 | |
| What its own count adds back | 167.506 | 173.782 | 211.205 | 219.096 |
What this means. The company's free cash flow is higher than ours because it does not subtract lease payments and adds back money from selling assets; we subtract lease payments because that cash has left the company.
What does an investor pay for TTI today?
The price-to-earnings ratio, or P/E, compares the share price with annual earnings per share. TTI’s trailing P/E uses the last twelve months of reported earnings, while its forward P/E uses an estimate. The two multiples imply earnings of about HK$5.61 and HK$7.22 per share respectively, an increase of roughly 29%. That is an expectation, not a guarantee: Milwaukee growth, margins, financing costs, taxes and buybacks may all differ from the forecast.
| Today (Oct 16, 2026) | |
|---|---|
| Share price | 130.60 |
| P/E, last 12 months (calculated) | 23.3x |
| P/E, next 12 months (calculated) | 18.1x |
| Free cash flow yield (calculated) | 4.0% |
What this means. The whole business value is lower than the stock market value because the company has more cash and short-term investments than debt.