More HCM orders from Xiaomi/Honor
■ We forecast 1H21F net profit to grow 32% and form 38% of our FY21F forecast. We expect strong operational performance in 2H21F.
■ We believe valuation re-rating will continue due to its gains in the high-end
HCM segment, thanks to orders for Xiaomi Mi-series and Honor P50-series.
■ Reiterate Add. TP of HK$25.80 is based on 22x FY22F P/E.