Key year for developing BEVs and ADAS systems
- Launch of first BEV and pivot into ADAS development to enhance long-term growth prospect
- Strong FY24 core net earnings growth of c.46%, one of the best in the NEV industry
- Expect market to closely watch MEGA’s sales performance
- Maintain BUY; TPs of HK$170/US$43; benchmark to 23x PE FY24
