Trading at 10.5x/8.2x FY15/16E P/E,we believe the stock is underpriced vs.its camera peers in HK/China with 11x/34x FY16 P/E,given Cowell’s strong earnings outlook and improving profitability with strong rear-cam/dual-cam growth prospect.Upcoming catalysts include projects wins for rear camera of iPad/iPhone and SiP camera modules in FY16E.
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