We think investors should be happy to hear that management is eager to maintain COPH’s industry-leading position and ranking. COPH aims to speed up third-party portfolio rapidly over the next five years. It also plans to explore more VAS to protect its profitability ahead. Reiterate Add with an unchanged TP of HK$8.8. COPH trades at undemanding valuation of 20x 2022F P/E.