We believe the patent infringement lawsuit has limited impact on Vtech
On operations, we believe TEL remains tough while ELP is growing steadily
Upgrade to Neutral from UW; increase target price from HKD93 to HKD108 on lower COE assumption and DDM rollover
We believe the patent infringement lawsuit has limited impact on Vtech
On operations, we believe TEL remains tough while ELP is growing steadily
Upgrade to Neutral from UW; increase target price from HKD93 to HKD108 on lower COE assumption and DDM rollover