Boosting capacity to meet customer demand
■ 1H21 net profit surged 100% yoy to HK$190m. We deem this in line at 48%
of our FY21F as we believe material cost pressure will continue in 2H21F.
■ We estimate 2H21F revenue to decelerate 33% yoy on delayed customer
orders due to persistent global ICs shortages.
■ Reiterate Add. Our TP rises to HK$5.04, now based on 10x FY22F P/E.