SG : Grand Venture Technology Ltd - On a grand venture

GVTL’s 1Q21 net profit (voluntary business update) was 41.1% of our FY21F net profit, driven by strong growth in its semiconductor segment. GVTL’s FY21-23F net profit could grow 23-136% driven by higher revenue as the group gains new customers/products and does more assembly business. Reiterate Add with a higher S$1.12 target price.

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