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Local and export demand remains robust

■ We deem 9M21 core net profit of RM21.8m (-4.4% yoy) within our expectations (70% of our full-year) but below Bloomberg consensus (65%).
■ We expect Kawan to post a stronger quarter in 4Q21, backed by a strong order book (both export and local), as well as recent hiring of more workers.
■ Maintain Add, with a higher TP of RM2.70 (21x CY23F P/E).

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