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We maintain our FY21 net profit forecast but trim FY22 earnings by 3% to factor in a higher tax rate from Cukai Makmur. Emerging out of the lockdown, we expect a much-improved operational performance into FY22, though the ongoing risk is of higher interest rates that could contribute to lower investment results. BUY maintained with an unchanged RNAV-derived TP of MYR16.75. 

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