Handset-related shipment dragged by headwinds; other drivers remain strong
- Cut handset lens shipment growth from -14%/19% to -17%/8% for FY22/FY23
- Forecast of other losses enlarged from Rmb27m to Rmb147m due to unrealised loss from depreciation of RMB against USD
- Cut FY22/23/24F net profit by 11%/13%/10% to factor in changes in shipment forecast and exchange losses
- TP lowered to HK$94.8 on a lower FY22F EPS; maintain BUY based on its undemanding valuations
