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FPSOs robust in 3Q21; 98/2 to be delayed?

■ 9M21 core net profit was 95% of our FY21F forecast (88% of consensus), exceeding expectations due to stronger-than-expected FPSO performance.
■ Downgrade to Hold (from Add), with a lower SOP-based TP of 51 sen as we factor in a new 10% SOP discount due to significant 98/2 project delays.

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