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Bumper earnings, bumper dividends

■ 9M21 core net profit was above expectations at 78%/95% of our/consensus FY21 forecasts as product prices were led higher by strong energy prices.
■ Reiterate Add with a slightly higher TP of RM9.97, rolling forward to end- CY22F; our FY21-23F core net profit forecasts are raised 3-5%.
■ Key re-rating catalysts include expectations for the strength in petrochemical prices to last another two quarters, before moderating from 2Q22F onwards.

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