3QFY3/24 declined 23% y-o-y; expect hardware growth to be sluggish in 2024
- 3QFY3/24 revenue increased slightly by 3.0% y-o-y, due to a slow recovery in the PC end-market demand
- Net profit fell 23% y-o-y due to continuous operational loss in the server business
- Cut earnings forecast for FY3/24F and FY3/25F by 18%/23% in anticipation of a slower-than-expected PC shipment growth
- Maintain HOLD; lower TP of HK$8.4 based on a 10.5x FY3/25F PE
