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Results were within our expectations. While RWG struggled due to the FMCO, RWNY and GENUK went a long way in moderating the former. 4Q21 ought to be a lot better as RWG reopened on 30 Sep 2021. Furthermore, we expect the much awaited Genting SkyWorlds theme park to open next month. Thus, we expect GENM to at least break-even in 4Q21. Maintain estimates, MYR3.40 DCF-based TP and BUY call on GENM. We continue to like GENM as a recovery play. 

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