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We maintain BUY on IHH with a higher SOP-derived TP of RM7.36. Through its regional presence, IHH should be well-positioned to benefit from the transition towards normalcy as travel restrictions ease by varying degrees across different markets. We think the market should look past potentially weaker 2H21 on lower Covid-19-related revenues as IHH’s core operations in Malaysia and Singapore are likely headed for a full recovery by FY23E.

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