Bright spots emerge despite overall difficulties
■ 1QFY1/22 core net loss was 2.6x our FY22F forecast (77% of consensus)
due to RM43m net forex loss and RM48m capitalised loan fees written off.
■ SAPE also continued to incur Covid-19 related costs, which it may be able to
recover from clients; hence, we did not downgrade our forecasts materially.
■ Reiterate Hold with a slightly lower SOP-based TP of 14 sen.