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There were no surprises to 9M21 results. We expect stronger 4Q21 earnings on higher CPO ASP and recovery in property contributions post FMCO. Due to waning growth prospects, we lower our TP to MYR8.28 on 24x FY22E PER, pegged at updated -1SD 8Y mean (previously MYR9.50 on 29x FY22E PER on -0.5SD 8Y mean). Maintain BUY. 

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