Key tester in Changi Airport
■ We like RFMD’s position as one of the key private players in supporting
nationwide Covid-19 testing, especially as Changi Airport’s dominant tester.
■ RFMD could see its Covid-19 testing activities grow to at least 6k tests per
day as Singapore ramps up average PCR tests to 89k/daily in May 21.
■ We lift our FY21-23F EPS by 12.1-15.9% as we impute higher testing
revenue and upgrade RFMD to Add with a higher SOP-based TP of S$1.22.