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Earnings to improve post 1QFY22 trough

■ 1QFY22 core net loss was smaller than expected due to strong HRO profits .
■ We see FY22F core EPS falling 20% (FMCO & CTR hike) before rebounding in FY23F. Reiterate Add with a slightly lower DCF-based TP of RM2.15.

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