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Economic recovery to boost 4Q21F earnings

■ At 82% of our full-year forecast, Maybank’s 9M21 core NP was above our expectations due to lower-than-expected overheads.
■ We project a growth of 11.7% qoq and 22.4% yoy for Maybank’s 4Q21F core NP, driven by higher net interest income and lower LLP.
■ Reiterate Add, premised on an expected recovery in loan growth in FY22F and attractive dividend yield of 5% in FY22F.

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