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Better times ahead

■ 1QFY22F core net loss of RM1.7m was broadly in line with our expectations as we expect gradual improvements in 2HFY6/22F.
■ We see stronger contributions from software & service in 2HFY22F driven by higher conversion from proof of concepts projects to new contract awards.
■ Retain Reduce with RM0.62 TP, based on 2.8x CY22F P/BV (3-year mean).

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