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Better times ahead

■ 9M21 results missed expectations as the group slipped deeper into the red in 3Q21 due to wider-than-expected losses from its automotive segment.
■ A pick-up in economic activities in 4Q21F will not be sufficient to reverse the losses incurred in 9M21 given its ongoing supply chain issues, in our view.
■ We widen FY21F LPS. Reiterate Hold and RM1.65 SOP-based TP.

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