Abiding by its growth story
■ Strong order book for FY21F and winning more wallet share from Customer A.
AZTECH is preparing to ramp up production in 2H21F.
■ We believe AZTECH will be able to achieve FY21F net margin of 11.6%,
backed by strong demand and its ability to manage supply chain risks.
■ Reiterate Add with unchanged TP of S$1.91, still pegged to 16x FY22F EPS,
supported by capacity expansion and a robust order book.