Raising prices for surging raw material costs
? FY21 core net profit grew 6% yoy to HK$312m, 3% above our forecast on
stronger-than-expected revenue growth in both the HK and China markets.
? China could deliver 12-14% revenue growth in FY22F, driven by network
expansion. HK revenue should grow 5-10%, driven by non-noodle business.
? Maintain Add. TP slightly higher at HK$8.57, based on 18x ex-cash FY23F
P/E.