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Expecting a net profit recovery in 4Q21F

■ STMK’s 9M21 net profit was below our and consensus’ expectations due to lower-than-expected investment income.
■ We project strong qoq net profit growth of 41.8% in 4Q21F, underpinned by the reopening of the economy.
■ Reiterate Add on STMK, given its attractive valuation (FY22F P/E of 8.1x) and our projected recovery in net profit growth to 4.4% in FY22F.

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