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Sunny days later rather than sooner

■ Sunway REIT’s 12MFY21 results were broadly in line; core net profit fell 42%
yoy due to disruptions on rental income caused by extended MCOs.
■ Post-4QFY21 recovery for retail malls and hotels would hinge on the NRP.
■ Reiterate Hold with an unchanged TP; 3.3-4.8% yields as key support.