LINK’s 4Q20 results were broadly in line with our expectation. LINK was able to maintain its EBITDA margin at 56.9% in FY20. While LINK’s network migration is on track, the project shall decelerate its revenue growth and potentially increase its depreciation cost. We cut our FY21-22F core EPS by 6-12% to reflect higher depreciation cost. However, potential MAs support share price strength. Reiterate Add.
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