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1QFY22 results were below our/consensus expectations due to higher investment holding losses, possibly from increased CSR costs. There remain no changes to the status of the new projects, Tj Jati A and Attarat Power. Maintain HOLD with an unchanged SOP-based TP of MYR0.70. In the power space, we prefer Tenaga (TNB MK, BUY, CP: MYR9.38, MYR TP: MYR12.00).

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