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Time for some good news?

■ Star Media Group’s 9M21 core net loss was at 85% of our full-year forecast. We reckon a seasonal ad sales bump in 4Q21 could narrow the qoq losses.
■ We still believe Star needs a new revenue source; pining for digital ad sales to grow substantially may not be sufficient to turn around its operations.
■ However, we expect things to look up for Star in FY22F with dimsum shut down and a general election potentially being called. Reiterate Add.

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