Company Update: Bargain sale
- Expect DICT revenue (inc. IDC and cloud) to grow 20% y-o-y, supporting 6% service revenue growth in FY24
- Lowered earnings by 1%/4%/6% for FY23/24/25, mainly to factor in slightly softer enterprise spending amidst a weak macro
- Forecast earnings to grow by 7% p.a. in FY23/24/25, respectively
- CM is our sector top pick given its highest yield of 8% and share price defensiveness; TP of HK$93