Robust orders curbed by chip shortage and logistics disruption Ten Pao's 2H21F operations should remain resilient despite order delays. We expect order wins from smartphone fast charger customers and Vietnam capacity expansion to continue to drive earnings growth in FY22F. Reiterate Add. TP lowered to HK$3.60, now based on 8x FY22F P/E. 2H21F operations to […]

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