PC and SSG to lead FY22F earnings growth
■ 1QFY3/22 core net profit surged 110% yoy on sustained margin expansion in
PC segment and robust solutions & services group (SSG) revenue growth.
■ We expect strong PC sales for the rest of FY22F on shortened refresh cycle.
Server segment’s losses to narrow in FY22F; should be profitable in FY23F.
■ Reiterate Add. Our TP of HK$12.0 is based on 15x CY22F P/E.