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3Q21 core net profit was in line with our/consensus forecasts taking into account seasonality (typical cost loading in 4Q). Management has raised guidance to reflect latest run-rates. The overall outlook remains favourable in our view, with TM potentially benefitting from both the work-from-home and 5G-deployment themes, and ongoing cost optimisation. Reiterate BUY with an unchanged MYR7.40 TP.

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