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3Q21 in line; clearer skies in 4Q21F

■ GENM’s 3Q21 core net loss widened 3x yoy on RWG’s closure. 4Q21F earnings should improve qoq as RWG has re-opened since 30 Sep.
■ FY22F/23F core net profit may rebound to RM1.1bn/1.6bn, post-Covid-19.
■ Reiterate Add and SOP-based TP of RM3.40.

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