UMH achieved strong sales volume in FY3/21, driven by medical services and a recovery in esthetic beauty services in 2H21. We expect medical services to continue to lead UMH’s earnings growth in FY22-23F as its specialist disciplines expand. Reiterate Add for strong earnings growth recovery (+79%/+64% EPS growth in FY22F/23F). Our TP of HK$8.30 is based on 20x CY22F P/E.