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■ 1QFY6/22 core NP made up 18% of our/consensus’ forecasts. We deem the results in-line as we expect a stronger sales recovery in 2HFY22F.
■ We revise down our FY22-24F EPS to account for higher tax expenses following the implementation of Makmur tax and foreign source income tax.
■ Retain Add with a lower RM2.55 TP. Sime offers a 5.7% FY22F yield.

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