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1QFY22 core net profit came in at 28%/34% of our/consensus’ full-year estimates. We maintain our earnings forecasts and DDM-TP of MYR0.95 (Ke: 8.5%). We expect earnings for FY22E would remain weak, impacted by rental adjustments for its master lease properties until end-June 2022, as well as travel restrictions in Australia. FY22E net DPU yield is a decent 3.2%. We prefer Axis (AXRB MK, SP MYR1.88, BUY, TP MYR2.20).

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