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9M21 core earnings of MYR31m (+56% YoY), made up 66%/ 56% of ours/ consensus FY estimates. Business activities are picking up and replenishment remains a crucial aspect of its operations. Orderbook continues to rise and Favelle is faring well in this aspect. That said, risk-reward opportunity is in balance now. Our TP is unchanged, pegged to 0.5x EV/ order backlog (mean valuation) of MYR550m. 

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