Solid 2Q21 performance
■ Malakoff’s 1HFY21 core net profit was above expectations due to higherthan-
expected margin and contributions from associates/JV.
■ A higher interim DPS of 3.1 sen was proposed in 1H21 vs. 2.8 sen in 1H20.
Reiterate Add given the better earnings outlook and decent dividend yield.