Excerpts from UOB KayHian report Valuetronics Holdings (SGX:  BN2) Valuetronics FY22 net profit of HK$114m (-39% yoy/+1% hoh) was above expectations, forming 115% of full-year estimate, due to a lower-than-expected revenue decline. Valuetronics’s outlook remains cautious as it expects the ripple effect of the supply chain bottlenecks to last beyond 2022. Other uncertainties include the COVID-19 pandemic, the Russia-Ukraine conflict and US-China trade tensions. We raise our FY23 EPS by 8%. Maintain HOLD and target price of S$0.52. Valuetronics results was above expectations Valuetronics’ (VALUE) FY22 net profit of HK$114m (-39% yoy) was above our expectations, beating our estimate by 15%. The beat was due to a lower-than-expected revenue decline in 2HFY22. Revenue fell 11% yoy due to severe shortages of certain key electronic components that affected VALUE’s ability to meet orders. Gross margin fell 3.3ppt to 13.6% due to: higher component prices caused by tight supply,...