1H21F preview: Gradual return of patients
■ We expect RFMD to beat consensus earnings forecasts in 1H21 amid higher
healthcare services revenue from more specialist outpatient clinic visits.
■ Covid-19 testing numbers continue to hold up despite the faster vaccination
rates, underscoring the importance of PCR testing to reopening measures.
■ We lift our FY21-23F EPS by 7.5-15.6% to account for higher patient
numbers. We reiterate our Add call with a higher SOP-based TP of S$1.40.