SFFYF - Signify Has Room For Margin Expansion And Infrastructure Tailwinds

• Signify performed well despite office closures, with robust margins to the worst of the lockdown impact.
• Going forward, the need for Keynesian intervention to stimulate the economy will be a tailwind to the Signify infrastructure business.
• Moreover, Signify has been spending heavily on marketing its Hue products, an expense line that will eventually decline.
• Overall, we see the possibility of margin expansion and infrastructure tailwinds for Signify in the medium term.

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