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An unexpected net loss in 3Q21

■ Tune Protect’s net loss of RM2.9m in 9M21 was below our expectation against our full-year net profit forecast of RM13.8m.
■ We expect a turnaround in Tune’s net profit to our projected RM8.1m in 4Q21 due to the positive impact from the relaxation of travel restrictions.
■ Reiterate Reduce due to a slow recovery in travel insurance premium (to pre- Covid levels) and lethargic associate contributions.

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