Leveraging 218m users in service-led transition
- Transforming from a hardware giant to a service-led company with growth to be driven by solutions and services
- New SSG business is projected to have a 31% CAGR in operating profit in FY22-25
- Expect higher-than-peers FY23/24 revenue of 3%/9% benefiting from rising investment in China’s data centres
- Re-instate coverage with BUY and TP of HK$11.30 on improving net margin and undemanding valuation