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Revenue Group Bhd (RGB) 1QFY22 core net profit was broadly in-line with our/consensus estimates, at 22%/21% of FY22E forecast, respectively. As the share price has fallen well below our valuation, we tactically upgrade to BUY but we maintain our fully-diluted (i.e. assuming outstanding warrants are fully exercised) TP of MYR2.00, based on an unchanged 50x CY23E P/E target (which is +1.5sd above its 3Y mean).

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