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Sunway’s 3Q21 net profit of MYR81m (-30% YoY, +15% QoQ) was below expectations but 9MFY21 property sales of MYR2.17b were above expectations. We lower our FY22/23 earnings forecasts by -0.1% to -11%. Our TP is largely intact at MYR1.72 (-1sen) on an unchanged 0.8x FY22 PBV. We reiterate HOLD on Sunway.

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