Russian sanctions are a near-term setback; still primed for long-term growth
- Cutting FY22F net profit estimate by 20% to reflect challenges surrounding recent sanctions on Russia
- Project earnings to still grow at a solid 21% CAGR between FY21-23F
- Valuations remain attractive at 1.1x P/BV, 0.5 standard deviation below its five-year average
- Maintain BUY with unchanged TP of HK$84.0