Stable PC sales to lead FY22F EPS growth

■ 4QFY21 net profit of US$260m beat our/Bloomberg consensus forecasts by
25% due to better-than-expected PC PTI margin of 6.7%.
■ Expect 5% PC shipment growth in FY22F, driven by commercial segment.
■ Reiterate Add. Target price raised to HK$12.0, based on 15x CY22F P/E