Equity Analysis /
Hong Kong

HK : Razer Inc. - Peripherals sales to decelerate in FY22F

    Ray Kwok
    Ray Kwok

    Technology Analyst

    CGS-CIMB
    25 March 2022
    Published by

    FY21 net profit surged to US$46m and meet 97% of our estimate. 2H21 core net profit fell 64% yoy due to sharp fall in hardware and services GPMs. With hardware sales decelerating, FY22F GPM will likely stay pressured by high logistic costs and expenses increase in software and services business. Reiterate Add. Our SOP-based TP declines to HK$2.88.