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Triple whammy disruptions in 1QFY22

■ 1QFY22 results were broadly in line despite core losses; we expect a strong qoq earnings turnaround due to the ramp up in manufacturing activities.
■ ASPs faced stiff competition in 1Q22F; MRT 3 project could revive demand.
■ Add retained with lower TP, supported by attractive CY22F P/BV of 0.91x.