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International traffic recovery painfully slow

■ 9M21 core net loss made up 83%/92% of our/consensus FY21F forecasts, underperforming due to forex losses in 3Q21 and wider digital losses.
■ Reiterate Reduce and cut TP to 14 sen, still based on P/RNAV of 1x, rolling forward to end-CY22F, and factoring in RM2bn value to the digital business.
■ Derating catalysts include our forecast for continued airline losses due to the slow reopening of borders and persistent investment-phase digital losses.

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