Robust order flows outlook intact
■ 1HFY22 core net profit of RM71.7m came in above expectations due mainly to margin expansion from higher PCBA operation contributions.
■ We forecast a stronger hoh 2HFY22F due to strong order flows from its key customer and better operating margins.
■ Its order flow outlook remains bright with new product models in the pipeline for FY23F. Reiterate Add with a higher TP of RM2.53 (19x CY23F P/E).