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With improving visibility on economic recovery and border reopening, GHL is well positioned for an accelerated TPV growth from 4Q21 onwards on top of increasing partnerships momentum including most recent ones- Lotuss Stores (WhatsApp Pay) and Atome (BNPL), within its payments ecosystem. We reiterate BUY with unchanged TP of MYR2.25 pegged to 51x FY22 PE target (which is +1sd above its 5Y mean).

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