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Core net losses were narrower than we expected. 4Q21 core net loss ought to be narrower as mass air travel resumes. Our earnings estimates are little changed for now. In our view, AAGB will be classified as a PN17 listed issuer but has the means to shed this classification in FY23E (link). We trim our TP to MYR1.31 from MYR1.36 to reflect more shares issued. With 27% upside potential still, we maintain our BUY call on AAGB. There could be more upside should BigPay secure an external valuation.

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