Positive outlook for FY22F■ 1H21F revenue grew 4.9% yoy, limited by component shortages mainly.■ 1H21F core net profit was below, at 40%/41% of our/consensus' FY21Fexpectations (vs. the 8-year historical average of 45%).■ Reflecting continued component shortage concerns, our TP is reduced toS$21.32. Reiterate Add.

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