FY6/22 results in line; further increase in pre-commitment rate
• Net profit (excl. government subsidies) increased by 9% y-o-y, in line with market expectations
• MEGA Gateway’s pre-commitment rate increased to 60%; MEGA IDC received strong interest from cloud players
• Earnings revised down by 10.7% and 9.0% for FY6/23 and FY6/24 respectively, due to slower move-in rate amid Covid
• Maintain BUY with TP of HK$12.0
