Decent prospects for FY22 despite near-term headwinds
- Near-term headwinds from COVID outbreaks in China to be partially offset by solid rebound in South Korea
- Cost pressure well managed via potential price hikes and ongoing product mix upgrade as well as efficient cost control
- Cut FY22/FY23F earnings by 3%/2% on near-term COVID disruptions; Maintain BUY with revised TP of HK$31.11