Chinese smartphone makers revised down combined shipment targets from 480m units to 362m units for FY21F, according to Digitimes. On top of chip shortage, inventory correction and new waves of Covid-19, we believe smartphone shipments could remain weak for longer than expected. Supply-driven product mix gain story could hold up in the longer term but is insufficient to prompt upward EPS revisions under weak volume conditions. Reiterate Hold and W148k target price premised on our below-consensus projection of 1.38bn units of global smartphone shipment in FY21F.
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