High visibility of growth
- Expect strong demand for all technological platforms to remain in 2022 with momentum to continue in 2023
- Expect wafer ASP hike trend to sustain in 2H22
- Automotives account for about 4%-5% of revenue currently; expect it to reach c.10% in 3 to 5 years
- Reiterate BUY with TP of HK$53.0; re-rating to be supported by a strong growth profile in FY22-24F
