Beneficiary of iP14 front-camera upgrade
? FY21 core net profit grew 2% yoy and was 28% higher than our forecast due
to strong flip-chip (FC) camera module shipment and relative stable GPM.
? Cowell’s FC shipments are likely to grow 7% yoy in FY22F, while ASPs grow
10%+ yoy, due to market share win and iP14’s front-facing camera upgrades.
? Reiterate Add. TP lowered to HK$12.12 on c.11%/6% EPS cuts for
FY22F/FY23F, due to lower GPM assumptions