3Q22 adjust. et profit grew 2% qoq and formed 67% of our FY22F forecast, largely in line as we expect operations will continue to improve in 4Q22F. We expect smartphone shipments to gradually improve in 4Q22F, and a more meaningful recovery in 2H23F. We estimate 175m SP units in FY23F. Reiterate Add. TP of HK$12.0 is based on 18x FY23F P/E.