Razer reported FY21 results with full year revenue of US$1.6bn, 33% YoY, in-line with our estimate and higher than consensus. NP to shareholders was US$46.2mn, which missed our/consensus estimate by 8%/13% due to industry-wide supply chain and logistics challenges. We think Razer will continue to outperform its peers in 2022 given its competitive position in peripherals, large user base (178mn users with 44% YoY growth) and strong growth in service business. The privatization is still in process, we maintain our TP of HK$2.82 and HOLD rating.