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3QFY21 results and 3rd interim gross DPU of 0.5 sen were within our expectations. 9MFY21 core net profit was at 77% of our full-year forecasts. Our earnings estimates and DDM-based TP of MYR0.43 (Ke: 9.5%) are unchanged. Maintain SELL. ALSREIT is still lacking growth catalysts, while facing heightened earnings risks at their retail assets due to the pandemic. We prefer Axis (AXRB MK, SP MYR1.87, BUY, TP MYR2.20).

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