• Strong tech sector demand – The key takeaway from Q1-2 FY12/25 results is that the current earnings recovery trend YoY appears sustainable into H2 FY12/25, primarily driven by demand from the technology sector – chiefly, for MT connectors used by AI and data centers for high-density fiber optic connections. The Food Group continues to experience demand from both domestic and overseas markets, maintaining a high growth profile. The company has maintained its FY12/25 guidance, despite staff expenses increasing YoY with an unplanned hike in bonus remuneration, which we believe indicates management's confidence in improved earnings visibility. We view the business alliance with Advantage Partners, announced in July 2025, as an avenue for accelerated growth.
