9MFY22 results were below our expectations at 74% of our FY22F core NP (in line with consensus at 78%) as we expect softer earnings in 4QFY6/22F. We project stronger sales and NP growth in 2HCY22F, driven by higher RF volume for new flagship smartphones and a recovery in China operations. We cut our FY22-24F EPS by 3-6%. Reiterate Add with a lower RM3.40 TP.
Equity Analysis /
Malaysia