Growth momentum sustains and margin expansion on the track
- FY21 results ahead, revenue and net profit surged 49% and 95% y-o-y
- Group margin up 5.6ppts to 40.6%, with SMT margin rising by 4.4 ppts y-o-y
- Raised FY22/23F revenue and net profit by 0.4%/5.0% and 11.8%/16.2%
- Maintain BUY for its attractive valuation and c.5% yield with DPS CAGR of c.12% in FY21-24, TP at HK$138