Get ready to soar on new product launches
■ Cowell is very attractive at 6.7x 2022F P/E, in our view, given its solid market
share in Apple’s supply chain, and its pipeline of potential new products.
■ Likely to win Apple’s new camera project, and expand its optoelectronic
product offering to automobile and AR/VR applications.
■ Reiterate Add; our TP dips to HK$6.95, now based on 10x 2022F P/E.