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A blip owing to the MCO

■ MSM’s 3Q21 core net profit was below expectations due to weaker-than expected industrial and export volumes as a result of production disruptions.
■ We are not too concerned as we expect MSM to post stronger 4Q21F and FY22F profits owing to domestic demand recovery and encouraging exports.
■ We continue to like MSM for its undemanding valuations. Reiterate Add.

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