Recovery angle is still in play post-9MFY21
■ 9MFY21 results were in line; not reflective of the FMCO impact in 4QFY21F.
■ We now impute a weaker 4QFY21F (-28% qoq fall in core net profit) due to
the FMCO but mitigated by earnings recovery from Celadon City.
■ Retain Add; still an attractive recovery play. TP lowered to RM4.00.