VLS shipments ride on robust EV market
■ We forecast a 1H21F net profit growth of 40% yoy to form 39% of our FY21F
forecast. We expect HCM GPM expansion and robust VLS shipments.
■ We expect a sustainable HCM GPM outlook and the robust VLS demand to
continue into 2H21F.
■ Reiterate Add. Our unchanged TP of HK$266.70 is based on 30x FY22F P/E.