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3Q21F: Higher earnings qoq on lower costs

■ 3Q21F core EPS likely rose qoq on lower manpower optimisation costs while other opex likely also normalised. We estimate 9M21F results were in line.
■ We believe that Unifi net adds stayed strong, driving Internet revenue up by a further 2-4% qoq (8-10% yoy).
■ Reiterate Add on TM (top Malaysian telco pick) with unchanged RM7.50 TP.

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