Promising Growth and Strategic Advancements Drive Buy Rating for FIT Hon Teng LimitedWe trim our FY25- 27E EPS estimates by 5-15% to reflect 1H25 results, new guidance and project wins in 2026. the stock is attractive in our view. Maintain BUY with new TP of HK$4.96 based on rollover 16x FY26E P/E (vs prior 14.2x FY25E P/E), in-line with 8-yr avg. P/E. 2Q25 review: upbeat cloud/auto offset by softer smartphone/system products. FIT’s 2Q25 revenue growth of 9% YoY was largely in-line, mainly driven by 1) cloud (AI server) rapid growth (+28% YoY) on AI demand and project wins, 2) consumer interconnects (computing) strong growth (+16% YoY) on CPU upgrade and PC demand, and 3) auto biz growth (+115% YoY) on AK deal consolidation, while smartphone/system product segments were weaker at -18%/-19% YoY. 2Q GPM came in at 17.8%, down 2.6ppts YoY, due to tariff impact, FX headwinds and product mix change.