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1QFY6/22 flattish qoq; may improve later

■ 1Q core net profit was 20% of our/consensus FY22F forecasts, broadly in line as future quarters may catch up due to easing Covid-19 restrictions.
■ Reiterate Add, as Dialog’s share price is only slightly higher than the SOP of its existing businesses, with future Pengerang development not factored in.
■ Our SOP-based TP is reduced slightly to RM3.60, as we raise the Ke from 6.6% to 7.5%, partially offset by rolling forward to end-CY22F.

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