Growth prospects intact
- FY21 results in line, with impact from an overall GPM miss offset by lower-than-expected effective tax rate
- Proactively looking at M&A opportunities to supplement its unaffected growth prospects
- Revised up FY22-23 earnings by 3%-8% to factor in 1) M&A growth assumptions and 2) improved SG&A and effective tax rate outlook
- Maintain BUY with a lower HK$16.02 TP on an adjusted valuation base