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Value waiting to be unlocked

■ 9M21 core net profit was above our/consensus expectations, mainly due to higher-than-expected ASPs for palm products.
■ We expect HSP to deliver sequentially stronger profits in 4Q21F, driven mainly by seasonally higher FFB production.
■ We raise our FY21-23F net profit forecasts to reflect higher CPO price assumptions and reiterate our Add call with an unchanged TP of RM2.35.

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