Capitalising on auto chip shortage

  • FY20-23F automotive/ industrial sales CAGR to hit 69% due to demand from unresolved auto chip shortage
  • FY22/23F capacity 8%/2% higher than the market due to faster expansion pace, leading to 8%/8% higher revenue
  • Potential listing in A-share market under supportive financial policy for the industry
  • Reiterate BUY for rebound in FY20-23F ROE, from 4.2% to 14.7%