Steady growth at cheap valuations
- FY21 net profit rose by 58% y-o-y to HK$8,144m, slightly above expectations
- Final dividend of HK72cts brings FY21 DPS to HK94cts, above our forecast of HK86cts
- Steady growth ahead on higher volumes and tariffs
- Maintain BUY with higher TP of HK$19.00