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3Q21/9M21 results were above our expectations as MAHB’s net loss was narrower than expected. 4Q21 ought to be better as Malaysia emerges from lockdown. Yet, we do not expect operations to recover to pre-COVID-19 levels anytime soon as Malaysian carriers have cut capacity in aggregate. Narrow our FY21E/FY22E net loss by 24%/8% but cut FY23E net profit by 23%. Thus, we cut our DCF-TP to MYR6.10 from MYR6.86.

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