Mature node demand remains intact
- Net profit decreased 25% y-o-y to US$514m, ahead of the market consensus by 10%
- Management is guiding for 3Q22 revenue growth of 0%-2% q-o-q, in line with market expectations
- Cut FY22/23/24 earnings forecast by 6%/8%/5%, because of a lower utilisation and ASP
- Maintain BUY with a TP of HK$21.5, on solid earnings CAGR of 12% in FY21-24F
