Stable growth in commercial segment
? PCM released its unaudited FY21 results with core net profit rising 52% yoy.
No DPS will be declared until a new auditor approves its financials.
? We think its slower M&A will lead to softer revenue growth in commercial
operational services for FY23F and beyond.
? It did not report an increase in impairment of receivables, which could mean
its collection remained healthy. Reiterate Add with a lower TP of HK$15.2.