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3Q21 results were in line with our forecasts, but ahead of consensus, with additional LPL impairment and bad debt provisions being again excluded from normalised earnings. RP3 (2022-2024) terms are being finalised, and we do not expect TNB to be worse-off. Reiterate BUY with an unchanged MYR12.00 TP (DCF-based). Valuations are compelling, and TNB has the balance sheet strength to fund its sustainability ambition.

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