Margin pressure persists in casings
■ 1H21 net profit improved to HK$54m, but was HK$60m below our forecast
due to weak GPM recovery and increased labour and depreciation expenses.
■ Orders from Apple remain key revenue driver but GPM outlook uncertain.
■ Downgrade from Add to Hold as we lower our FY21-23F EPS by 18-21% and
now expect negative EPS growth (-2%/-1% in FY21F/22F).