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A strong start to FY6/22

■ Malaysian Pacific Industries’ (MPI) 1QFY6/22 core net profit was in line, at 25%/26% of our/Bloomberg consensus’ full-year net profit estimates.
■ We expect MPI to maintain double-digit US$ sales growth in FY6/22F, driven by robust demand for power management chips for EVs and data centres.
■ Retain Add with a higher RM56.50 TP, as we roll over valuation to end-2022F.

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