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LITRAK’s 2QFY22 results were within our expectation. Strict movement control restrictions had impacted about half the quarter. 2Q net profit of MYR38m (-1% QoQ) brought 1H to MYR75m (-23% YoY), 39% of our FY22E. Traffic volume has since been recovering; they should be >90% of pre-pandemic levels by now. We lower FY22E net profit by 7% to incorporate the impact of Cukai Makmur. Our equity DCF-TP is trimmed to MYR4.85 (-5sen). 

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