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3Q21 PATMI of SGD14.8m (+10.7% YoY) was in line. 9M21 PATMI accounted for 74% of our/consensus’ FY21E. We cut FY21-23E EPS by 1-6% to factor i) slower 4Q21 business momentum than we previously expected; and ii) higher cost environment. Our TP falls to SGD2.50 (15.5x FY22E P/E), and we downgrade to Hold as we believe risk-reward is now balanced. Prefer AEM and UMS for exposure for Singapore tech.

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