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Dividend remains the bright spot

■ 9M21 core net profit was in line, at 78% of our and Bloomberg consensus’ full-year forecasts, as we expect seasonally weaker qoq sales in 4Q21F.
■ Uchi declared a higher interim DPS of 9 sen in 3Q21 (against 7.5 sen in 3Q20). The stock offers decent 5.5%-5.8% dividend yields for FY21-22F.
■ Reiterate Add, with a higher RM3.65 TP, as we roll over valuation to end-22F.

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