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3Q21 dragged by GENM, GENS & RWLV

■ 9M21 core net loss of RM927m would be in line, if not for RWLV’s net losses.
■ FY22F core NP may rebound yoy to RM1.4bn, before rising 20% in FY23F.
■ Reiterate Add, with a slightly lower SOP-based target price of RM7.10.

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