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9M21 a beat despite the cost drag

■ 9M21 results were a beat; 3Q21 core EPS fell 14% yoy on higher costs.
■ APPL contract extension enhances public sector demand visibility in FY22F; more meaningful Sinopharm Covid-19 vaccine contribution in 4Q21F.
■ Reiterate Add; TP cut 11% to RM2.05, now based on 26x FY22F P/E.

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