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3Q21: Deeper in the red

■ 9M21 results missed expectations as TCM posted a wider core net loss from its overseas operations due to the longer lockdown period.
■ We expect narrowing losses in 4Q21F due to a recovery in sales volume, in line with resumption of production ramp-up and fulfillment of backlog orders.
■ We widen FY21F LPS. Reiterate Reduce with a lower RM0.97 TP.

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