Not out of the woods yet

■ FY21 net profit of HK$187m (+4.6% yoy) beat our/ consensus’s estimates
due to greater ICE demand in 2HFY21 and higher DPS of 21 HKcts.
■ The Vietnam campus is on track for completion by end-FY22F to provide an
alternative production site for current and prospective new customers.
■ Reiterate Reduce, with a c.4.0% dividend yield and c.3.0x ex-cash FY23F