HK Stock Market Move | CHERVON (02285) rises over 4%; shares have accumulated a gain of over 60% from September 10 to date; Daiwa is bullish on the company ushering in a valuation re-rating.

CHERVON (02285) rose over 4%, with its share price accumulating a gain of over 60% from September 10 to date. As of press time, it was up 4.39% at HK$32.36, with a turnover of HK$24.7365 million. On the news front, on September 10 this year, former Techtronic Industries CEO Joseph Galli Jr joined CHERVON as its new CEO. On October 5, CHERVON announced that its North American business would appoint four new executives, all of whom had previously worked at Techtronic Industries/Milwaukee for more than 10 years. To date, Joe Galli has recruited eight key management personnel within one month. Daiwa believes that CHERVON will usher in a clear valuation re-rating in the coming months. This round of recruitment focuses on sales capabilities in the western U.S. states and strategic customers, while also covering the Canadian market. The bank expects Joe Galli's recruitment efforts to continue, with the next phase likely shifting focus to the European market.