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3Q21 results were in line with our/consensus expectations as earnings declined sequentially on higher costs and provisions following a bumper 2Q21. Maintain HOLD with a lower MYR0.80 SOP-based TP (-6%). We see current risk-reward as being merely balanced. In the power space, we prefer Tenaga (TNB MK, BUY, CP: MYR9.38, MYR TP: MYR12.00).

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