Bottom may be nearing

2HFY21 beat, but expect challenging FY22E; HOLD VALUE’s 2HFY21 PATMI of HKD95.6m (+28% YoY) was ahead of our estimates, largely due to stronger than expected ICE momentum in 4QFY21. Although VALUE expects FY22 to be more challenging than FY21, we raise FY22-23E EPS by 10-13%, as we believe the worst of customer allocation losses may be over. Our TP of SGD0.60 is based on 10.6x FY22E P/E (30% discount to SG-peers), from 10x blended FY21-22E previously.
Maintain HOLD.