MSGB’s 3Q21 net profit of MYR40m (+55% YoY, +2x QoQ) was above our expectation but below consensus. MSGB’s 9M21 locked-in sales of MYR1.28b are on track to meet its FY21 sales target of MYR1.6b (+45% YoY). Elsewhere, MSGB has acquired 8.1 acres of land in Kepong for MYR95m cash. We raise our earnings forecasts by +0.2% to +60%. Our TP is largely unchanged at MYR0.66 (+1sen; on 0.5x FY22 PBV). SELL.