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1QFY6/22 core net profit of MYR236m (-13% YoY) accounted for 19% of our FY estimate and should grow in subsequent quarters. Our estimates are unchanged. Its industrial and motor ops will readily leverage on the commodity cycle, infrastructure capex spending and consumer recovery plays. It is also ready to ride on the EV agenda. Sime remains appealing, for it offers earnings growth and dividend yield upside. 

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