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We are positive on Sunway’s latest JV project in Singapore for its strategic location. The project should benefit from rising demand for private homes in Singapore. The project, which will only start contributing to earnings from 2024 onwards, is likely to enhance our RNAV by +1sen. No change to our earnings forecasts and MYR1.73 TP (on 0.8x FY22 PBV). Maintain HOLD on Sunway. 

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