2QFY21 performance not sustainable in 2H
■ 1HFY21 results were below expectations; core net profit fell 8% yoy.
■ 2Q21 performance improved yoy, but retail segment and MOKL’s occupancy
rate likely to weaken qoq in 3Q21F; NRP-driven recovery remains uncertain.
■ Retain Hold rating with lower TP; 4.7-5.4% dividend yields as key support.