FY21 earnings of Rmb2.24bn below consensus by 9% due to one-off litigation claim of Rmb523m.
FY21 revenue of Rmb13bn up 13.2% y-o-y, in-line with consensus.
With net cash of HK$3bn as of Dec 2021, balance sheet remains healthy
After share price correction of 10.5% YTD, the stock is now trading at 11x 22F PE, which is the trough level in last 3 years, downside limited
Final DPS of RMB0.065 was declared (FY21 interim: RMB0.077), representing a total payout ratio of c.26%. We currently have a BUY rating with TP HK$17.7.
