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An encouraging start to FY22

■ 1QFY22 core NP beat expectations, making up 43%/30% of ours/Bloomberg consensus FY22F PAT due to better-expected-sales recovery in 1QFY22.
■ We raise EPS to reflect higher utilisation, in line with the expected pick-up in recovery momentum and improving supply chain situation from CY22F.
■ Reiterate Hold with a higher RM12.70 TP (based on 1.4x CY23 P/BV).

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