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Excluding a lumpy gain from the sale of its plantation op and other one-offs, IJM posted a core net loss for 2QFY22, per our estimate. We had anticipated the weak results as lockdown and strict movement restriction had impacted about half the quarter. 3Q should see strong earnings recovery at all its core ops. We lower FY22 headline net profit estimate by 6% as we revise the gain from its plantation op sale while maintaining our core profit forecast.Our RNAV-TP is unchanged; maintain BUY.

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