FY21 net profit grew 20% yoy, in line with our estimate. 2H21 net profit slower growth (+10% yoy) was due to higher electronic component prices. Strong Android smart terminal sales to be sustained due to rising penetration. Reiterate Add as PAX trades at an unreasonably low P/E of 5x in FY22F. We raise our TP to HK$11.40, based on 8x FY23F P/E.