Strong FY21 results with net profits +20% y-o-y, in line with our forecast and ahead of the consensus
Wealth management business achieved 35% y-o-y growth, driven by higher-than-expected subscription fee rate
Gopher accomplished standardised product transition and has strong buffer to counteract current market situation
Maintained BUY, trimmed FY22F/23F earnings growth by 8%/6% to 9%/9% based on management guidance and reflect higher compensation expense. Lowered TP to US$38.2, with FY22F PE at 12x
