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SPSB’s 3Q21 core net loss of MYR10m (-114% YoY, -114% QoQ) was in line with our expectation but below consensus. Sales wise, SPSB’s 9MFY21 actual sales of MYR3.4b were above our expectation. We adjust our earnings forecasts by -12% to +24% but maintain MYR1.43 TP (on an unchanged 0.4x FY22 PBV). Share price declined -12% since our SELL call on 1 Nov and now offers +3% upside potentials to our TP. U/G to HOLD

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