iClick reported its 1Q21 results, which were on track; management sees strong demand from both enterprise and marketing solutions. We raised our turnover forecasts for 2021F and 2022F owing to higher growth in enterprise solutions but cut our net profit forecasts because of higher expenses. The recent share price correction was partly due to weak market sentiment. We reiterate our ADD rating, and our target price remains unchanged at US$21.1 (SOTP-based).
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