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More cautious stance on near-term costs

■ We cut FY22F core EPS forecast by 16% on the potential for elevated EPCC costs in the near term, hence we reduce our SOP-based TP to RM3.58.
■ We have pencilled in EPCC cost normalisation in FY23F.
■ Reiterate Add as Dialog has a wide-moat Pengerang asset with strong long term prospects, while plant maintenance work may pick up in CY22F.

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