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Operational headwinds bottoming out

■ Adjusting for one-off expenses, FY21 core net profit of RM167m (+17% yoy)
was above expectations at 111%/113% of our/consensus forecasts.
■ Order win momentum was positive at RM100m in 4Q — highest in past 3
quarters. FI’s investment appetite is returning — Mobius will be key driver.
■ Reiterate Add, with a higher TP of S$0.37, still based on 16x CY22F P/E.